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Auction market records are on the verge of being broken, with the usually quieter winter selling season nowhere in sight.
The Sydney home auction market is on track to break the all-time June record for listings and sales following another robust result at the weekend, according to Australian Property Monitors senior economist Andrew Wilson.
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“The Sydney market returned an auction clearance rate of 75.1 per cent, down slightly from last weekend’s result of 75.6 per cent,” Dr Wilson said.
“High listing numbers continue to be a characteristic of Sydney’s auction markets, with 578 properties going under the hammer at the weekend, which was 37.3 per cent higher than the 424 auctioned over the same weekend last year.”
Dr Wilson said record levels are likely to continue for the remainder of the quieter winter months as low interest rates, rising population and a “thriving” local economy continue to fuel the market.
Melbourne’s weekend home auction market faded a touch, recording a clearance rate of 72.1 per cent compared to 72.7 per cent last weekend.
However, Dr Wilson said Melbourne would also break its record for June.
Australian Property Monitors data also reported that Adelaide had a clearance rate of 60 per cent, up from 45.9 per cent last week and 45.7 per cent on the same weekend in 2013.
Brisbane dropped to 29 per cent, after sitting at 37 per cent last weekend and 41.5 per cent the year before.
