It was another promising weekend of auction results for Sydney and Melbourne, with both cities recording strong clearance rates similar to those seen so far this spring, data from Australian Property Monitors (APM) shows.
The cities achieved solid property auction clearance rates despite the sporting grand finals taking place in both Victoria and New South Wales, which resulted in a smaller number of properties listed for sale in the past two weekends.
In Sydney, the clearance rate continues at above 80%, hitting 81.8% this weekend. There were, however, just 256 properties up for sale due to the NRL grand final on Sunday. Sydney’s clearance rates are now trending 20% higher than just a year ago, though higher-end properties are still proving harder to sell, restraining growth in the segment, the Smart Company website notes.
In Melbourne, the percentage of homes cleared at auctions on the weekend hit 75%, with a total of 732 properties up for grabs. By comparison, there were just 44 properties listed for sale the previous weekend, as a result of the AFL grand final event. Unlike Sydney, growth is spread across all segments of the property market, RP Data Victorian housing market expert Robert Larocca told Smart Company. Since the start of the year, there has been a 14.5% rise in the average clearance rate to around 70%, he said.
The revival of the property markets of both Sydney and Melbourne is further highlighted by the increase in house prices. According to the latest monthly house price index from RP Data and Rismark, the country’s major cities saw a 1.6% leap in house values in September, fuelled by a 2.5% increase in Sydney and a 2.4% rise in Melbourne.