Sydney continues record streak

Sydney has again recorded auction clearance rates that have not been seen since mid-2009, according to RP Data.
RP Data recorded a preliminary clearance rate for the city of 79.1 per cent, up from 77.4 per cent last week, and an increase in auctions from 378 to 410 this week.
Similarly, Australian Property Monitors (APM) recorded a strong rate of 81.1 per cent, which followed on from last week’s result of 81 per cent.
Senior economist for APM Dr Andrew Wilson said the Sydney market was continuing to strengthen towards record levels with its year-high weekend auction clearance rate.
“Buyer momentum in the Sydney auction market is currently almost irresistible, with the market at levels not experienced at this time of the year since the house price boom of 2002, 11 years ago,” he said “Listing numbers this weekend were also similar to last weekend, with 306 properties auctioned compared to 268 over the same weekend last year.”
In Melbourne, the auction clearance rate fell from 67.3 per cent last week to 62.8 per cent, with 486 auctions held across the city this weekend.
APM recorded an auction clearance rate of 69 per cent for Melbourne across 426 auctions.
Dr Wilson said it was another solid result for the city, which would continue to see strong house price growth.
“The Melbourne market has been characterised as remarkably consistent this year, not only in regard to clearance rates but also with the mix of sales between buyer types, regions and price ranges," he said.
“Higher auction listings reflect increased confidence from Melbourne sellers, as clearance rates continue to track at the highest levels recorded for over three years.”
RP Data recorded a slight fall in the auction clearance rate across the capital cities with a result of 65.4 per cent this week, down from last week’s 67.7 per cent. However, auction volumes increased compared to last week, rising from 984 to 1,131.
Both auction clearance rates and volumes remained high compared to last year, when the capital city auction clearance rate was recorded at 52.1 per cent across 880 auctions.
According to APM, over the weekend the most expensive and most affordable properties were in Brisbane with a value of $5.2 million and $195,000 respectively.

Source: Real Estate Business Bulletin