Auction rates across the country are much stronger than they were a year ago, signalling a hot property market and good news for brokers.
Last week, the preliminary auction clearance rate increased to 72.4% from 70.2 % the previous week and way up from the 64.4% recorded a year ago, RP Data said.
Last week, there were 857 Sydney properties taken to auction, with a preliminary auction clearance rate recorded at 82.7%. This is the second strongest result for the year so far.
In Melbourne, a preliminary clearance rate of 67.9% was recorded this weekend from 885 auctions.
Listing volumes are now surging in both private and auction sale segments with 11% more new residential listings over the last month compared to this time last year, said RP Data.
“Prospective vendors are clearly being encouraged by market activity in the first quarter of the year. If this listing activity is matched by sales over the rest of the year we are likely to reach a level of transactions that both exceeds last year and the average over the previous decade.”