Boom, boom, boom goes Sydney property

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It was a strong week for property, with vendors ramping up sales in the lead up to the Easter period. Sydney, Adelaide and Perth experienced record high auction volumes for the year, however research house Core Logic RP Data says these volumes haven’t dampened demand, which has been well supported by the latest interest rate cut.

This week, a preliminary clearance rate of 77.5% was recorded across the combined capital cities, up from the 75.9% recorded last week and 67.7% this time last year.

Weekly clearance rate, combined capital cities

20150330 - weekly clearance rate com cap citiesSydney’s clearance rate of 84.6% was on par with last week’s 84.8%. RP Data says buyers responded well to Sydney’s high volumes – total auctions stood at 1,330 – to help maintain the booming market.

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