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Melbourne and Sydney both enjoyed another weekend of auction fever, with close to $500 million worth of property sold under the hammer.
According to Australian Property Monitors (APM), 398 properties were auctioned in Sydney over the weekend, with 347 selling – giving the city its highest ever residential clearance rate of 84 per cent.
Melbourne also experienced a bumper weekend, with 237 of 325 properties selling at auction for a clearance rate of 71.8 per cent.
Senior economist at APM Dr Andrew Wilson said that he expected this weekend to be unusually busy, with the federal election looming next weekend.
“Sellers have rushed into the market as competition for properties amongst buyers has intensified,” Dr Wilson said last week.
“A total of 2,096 properties were listed for auction over August, which is the highest monthly total since November last year, during the height of the spring selling season.
“The high number of listings this weekend has naturally been influenced by the federal election due next weekend, with some sellers choosing to avoid a clash.
“Nonetheless, seller activity has unequivocally increased significantly over the winter selling period.”
With the exception of last week’s result of 79 per cent, Sydney’s clearance rate has been sitting above 80 per cent since early July.
A remarkable $301 million worth of property changed hands in Sydney over the weekend, with a median house price of $940,000, and $658,000 for units.
A total of $179.9 million worth of property was sold in Melbourne, with a median house price of $820,000 and $560,000 for units.