The auction clearance rate in Sydney over the weekend nearly hit 80%, as 200 properties were sold for a median value of $925,000. Preliminary data for Saturday 4 May (table below) shows a clearance rate of 78.1% for Sydney and 70.6% for Melbourne.
Last week’s numbers were up slightly on the previous week’s clearance rate for Sydney, which was 73%. Adelaide and Brisbane still have weaker numbers but auctions are a less popular way of selling property in those markets.
Across the board, auction activity continues to be stronger than last year and the past three months of improving numbers is indicative of a real improvement in residential housing. Data for last week shows a total value of over $500 million sold at auction in the major four states.