Sydney auction market enters uncharted territory: Robert Larocca

A preliminary weighted average clearance rate of 77.1% was recorded this week across capital cities compared to 77.3% last week and 74.2% this time last year.

Following last weeks strong result this week’s result indicates the auction market is delivering healthy outcomes to sellers in increasing numbers.

In Sydney a preliminary clearance rate of 82.8% was recorded compared to 86.2% last week and 77.6% last year. This is the fourth consecutive week in excess of 80% making it the strongest capital city auction market in recent times. The Sydney auction market is in uncharted territory now.

In Melbourne the preliminary clearance rate was 76.5%, compared to 75.8% last week and 76.6% this time last year. The Melbourne auction market is beginning to record numbers similar to autumn 2010, when high clearance rates and volumes translated into strong capital gains.

In Brisbane a preliminary clearance rate of 54.6% was recorded compared to 63.6% last week and 46.2% last year.

In Adelaide a preliminary clearance rate of 78.6% compared to 53.3% last week.

In Canberra the market is beginning to show levels of demand currently present in Sydney and Melbourne. A clearance rate of 81.6% was recorded compared to 72.4% last week.

In Perth a clearance rate of 40% was recorded compared to 46.4% last week and 55% last year.