Weekend sees highest auction clearance rate of the year

Adam Smith 24 October 2016

house auction hammerIn spite of talk of a cooling housing market, auctions remain red hot.

While volumes remain lower than the same time last year, clearance rates around the country are soaring, the Australian has reported. The weekend auction clearance rate hit 80.2% of the 2,641 properties to go under the hammer, the highest clearance rate of the year. The same weekend last year saw a 64.9% clearance rate of 3,143 properties, the Australian said.

Sydney had the nation’s highest clearance rate at 85.6%. The result was a significant rise on the 61.3% recorded for the corresponding weekend last year, though the number of properties on offer dropped from 913 to 866.

Melbourne saw the second-highest clearance rate at 81.8%.

Housing in hot demand

“It was certainly the busiest weekend in Melbourne since the beginning of May,” CoreLogic director Kevin Brogan told the Australian.

Clearance rates across the rest of the country varied. While Adelaide and Canberra saw high clearance rates of 77.4% and 74.4%, respectively, Perth cleared only 46.2% of the properties up for auction. Brisbane, meanwhile, recorded a 53.4% clearance rate.

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