Solid auction clearance results were reported in Sydney and Melbourne last week, new data shows.
In Sydney, propertydata.com.au reported a clearance rate of 62 per cent based on 542 reported auctions last week.
“So far this spring we have consistently seen strong auction results, and it appears that there is no sign of the market slowing down over the coming few weeks,” said Real Estate Institute of NSW (REINSW) CEO, Tim McKibbon.
“With clearance rates consistently hovering around the 60 per cent mark, it is clear that many vendors and buyers are seeing great opportunities in the market, especially heightened by the fact that Christmas is now only six weeks away.”
In Melbourne, the clearance rate hit 61 per cent last weekend based on 886 reported auctions, according to propertydata.com.au.
“Results over the last month are helping to build confidence and should provide the foundations for further improvements in the New Year,” REIV CEO Enzo Raimondo said.
“There are around 970 auctions expected in the first weekend of December and 1010 the following weekend.”