Auction Results Send Prices Up

Property prices are expected to continue rising, after buyers grabbed 84% of the 3,800 houses and apartments listed for auction in the biggest sales weekend in three years.

With such a high volume of listings – 1,180 for Sydney and 1,560 for Melbourne – last weekend’s auctions had been touted as a “true test” of the market that would reveal whether the clearance rates could hold strong with the higher auction numbers.

Sydney recorded a preliminary clearance rate of 88%, while Melbourne cleared 84%.

Overall, the national clearance rate was 2 percentage points higher than the previous week despite the higher stock levels – and more than double the same period last year.

Canberra’s clearance rate was 86%, Adelaide vendors sold 74% of listed properties, while in Brisbane 69% of homes sold.

In Perth, where prices have been tipped to rise strongly this year, the clearance rate was 67% on low volumes.