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Residential auction clearance rates have continued to track upwards on the back of the Reserve Bank’s (RBA’s) rate cut last week.
Sydney’s clearance rates continued to climb, extending its record-breaking streak of five weeks above 80 per cent.
According to Australian Property Monitors (APM), 232 of the 263 reported auctions in Sydney were sold under the hammer for a clearance rate of 83.8 per cent – up 2.5 per cent from last weekend.
Melbourne also performed strongly, with a residential clearance rate of 71 per cent, which is down slightly from last week’s reported 71.9 per cent.
However, the number of auctions in Melbourne this weekend almost halved, with just 244 reported auctions compared to 460 the week prior.
APM figures also showed improvements in both Adelaide (up 2.0 per cent to 66.7 per cent) and Brisbane (Up 9.9 per cent to 51.4 per cent).
However, the overall number of auctions in both cities were also down on the week before.
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.