Four-year high for auction listings in Sydney

Sydney auction listings have hit their highest point in four years, with RP Data figures showing almost 77% of the 1,090 houses on the market selling under the hammer over the weekend.

A total of 1,642 auctions were scheduled in capital cities across Australia over the weekend.

In Melbourne only 192 properties were up for grabs, as Victorians enjoyed a long weekend ahead of Tuesday’s Melbourne Cup.

As well as clearance rates, it seems house prices are also on the up, with Australian Bureau of Statistics figures released this morning showing across the eight capital cities prices increased 1.9% for the quarter.

Since last year, house prices have jumped 7.6% Australia-wide.

Sydney is performing best, with house prices rising 3.6% for the September quarter. Melbourne, Brisbane and Hobart also saw significant gains of 1.9%, 1.2% and 1.4% increases respectively.

This article first appeared on SmartCompany.