Sydney auctions hit a high

Adam Smith 27 March 2017

auctionhammer_shutterstock_738Sydney has seen its highest auction clearance rate of the year.

Preliminary figures from CoreLogic show that Sydney’s auction clearance rate hit 81.1% on the weekend, the Australian Financial Review has reported. The auction clearance rate was the highest of the year and led the nation.

Melbourne also had a strong weekend for auctions, with a clearance rate of 79.9% and Canberra saw a high auction clearance rate of 78.4%. Perth had the weakest auction results, with a 30.8% clearance rate. The nationwide clearance rate was 77.1%, up from 70.9% the same weekend last year.

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The number of auctions rose from the previous week. Across Australia’s capitals, 3,147 properties were brought to market, up from 2,916 the previous week. The result was the second-highest number of auctions since the last week of February when there were 3,301 auctions, the AFR said.

Although clearance rates were up and the number of auctions was on the rise, the AFR said that fewer properties were brought to market than a year ago. Sydney auctions were 4.4% below what they were the same time last year, while the number of properties brought to market in Melbourne was down by 4.1%.

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