Auction Clearance Rates Soar As Confidence Returns
The property market has experienced a resurgence over the past few weeks, with the latest auction results showing that clearance rates have surged past 75%.
CoreLogic reports that auction clearance rates have hit their highest level since February 2022, prior to the Reserve Bank of Australia (RBA) starting to hike interest rates.
Sydney is leading the way with a 78.2% clearance rate last weekend from a total of 762 auctions. The result is the second-highest preliminary clearance rate for Sydney this year, setting a record with clearance rates sitting above 70% for the past 10 weeks.
Melbourne also reported a strong clearance rate of 74.4% across 834 auctions, 12.1% more than the previous week.
Melbourne’s preliminary clearance rate has consistently held above 70% for six consecutive weeks, up from 62.2% this time last year.