New record clearance rate high of 82%

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It was a good week to sell your property, with auction clearance rates reaching new highs last week. Across Australian capital cities, the combined auction clearance rate reached a record rate of 82.0% across 2,847 auctions. This is a significant jump from last week’s rate of 70.2% – which was also considered to be high. At the same time last year, the national clearance rate sat at 63.5% across 2,004 auctions.

Source: RP Data

Sydney led the pack with an impressive record clearance rate of 87.5% across 1,060 auctions, reflecting a significant increase from this time last year where auction volumes were only 614. However, Melbourne remained Australia’s largest auction market, with 1,396 auctions and a clearance rate of 79.0%. And that was a record rate for it too.

Source: RP Data

Auction volumes were significantly lower across other capital cities, where total auctions ranged between 157 (Brisbane) and 10 (Tasmania). However clearance rates remained afloat, with all cities crossing the 50% line. Perth’s clearance rate was the lowest of the bunch, at 57.1% — although the rate reflects a sizeable 7% increase from last week.

The only area to slow slightly this week was home values, with the combined rate for the capital cities of Sydney, Melbourne, Brisbane, Adelaide and Perth falling by 0.4%. Brisbane had the biggest fall, of 1.3%, followed by Sydney and then Melbourne. Perth stayed flat at 0%, while Adelaide jumped a small 0.2%. Overall, the annual change still remains high with a 9.7% increase.

Source: RP Data

Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.

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