Auction clearance rates strong with Sydney's housing boom spreading: REA's Nerida Conisbee

EXPERT OBSERVER

There were 1,268 auctions in Melbourne and 661 auctions in Sydney. Not surprisingly with millions more buyers, clearance rates remain high – 83% in Sydney and 79% in Melbourne.

The most viewed property going to auction over the weekend was 10 Crimea Street Richmond (pictured below).

It's a really nice property in the very popular suburb of Richmond, which was expected to sell for between $1.1 and $1.2 million. It sold for $1.32 million.

Sydney’s housing boom is spreading to Illawarra and Central Coast

Sydney continues to sprawl and two areas that are technically regional, Illawarra and Central Coast, are now showing the highest views per listing of all regional areas.

Given the blistering pace at which Sydney house prices are moving, this suggests that this strong level of growth will soon reach places like Wollongong and Central Coast beaches.

NERIDA CONISBEE is the chief economist for the REA Group