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Melbourne and Sydney auctions surge ahead
Sydney and Melbourne auction results are skyrocketing, though Brisbane and Adelaide have taken a knock.
The Sydney market set a record this weekend, selling 83.7 per cent of homes taken to auction, an increase of 6.3 per cent on last week, according to Australian Property Monitors (APM).
Melbourne achieved the same result as last weekend, with an impressive clearance rate of 73.1 per cent.
These results showcase how the property market has accelerated in these states over the past year.
In the same week last year, clearance rates in both cities were in the high 50s.
On the other hand, Adelaide and Brisbane suffered a drop from last week’s results.
Adelaide’s rate fell from the previous week’s high of 73.1 per cent to just 57.7 per cent this weekend.
Brisbane, meanwhile, recorded a clearance rate of 55.2 per cent, a decrease of 5.3 percentage points.
Nonetheless, both cities have seen an increase since 2012.
Adelaide’s 2012 result for the same weekend was 43.1 per cent, while Brisbane recorded a low of 28.1 per cent in that week.
A total of $682.1 million worth of property was sold at auction in the cities over the weekend, with $353 million of this in the New South Wales market and $315.9 million in Victoria.
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