Sydney looks to break new records in August auction clearance rates as buyers continue to take advantage of low interest rates and pent-up demand, according to Australian Property Monitors and RP Data.
Sydney’s clearance rate dropped to 79% this weekend, down from 80% last weekend – the first dip in six weeks – but the city is still on track to break the previous monthly clearance record of 77% set back in 2002.
Melbourne’s clearance rates also improved, rising from 73% last week to 78 per cent from 73% this week and around 61% this time last year.
The top price in Sydney over the weekend was $1.9m for a five-bedroom home in Willoughby, while the highest price in Melbourne came in at $1.7m for a four-bedroom house in Bentleigh.
The clearance rate across all capital cities was about 72% - a minor increase over the previous week - according to RP Data.