According to The Australian Financial Review, a Sydney house bought for $3.85 million two years ago sold for $5.15 million on Saturday as strong demand again outstripped measly supply in weekend auctions.
Nowhere is the supply crunch more apparent than in Sydney, where the volume of properties on the market is down 29 per cent over the 12 months to the end of July.
In Sydney, the auction clearance rate hit 81.6 per cent, up from last week's result of 77.5 per cent, according to CoreLogic figures.
And while the number of auctions listed crept up to 610, it is only two thirds the amount it was at this time last year.
"Toward the end of last year the buyers did pull back a bit. Things were not selling. Buyers were saying, 'this is not sustainable, surely things will soften'," Savills agent Adam Ross said.
In Melbourne, the clearance rate was 79.9 per cent this week, up from 74.2 per cent the previous week, with listings there also well down on what they were at this time last year.
Overall, the amount of properties on the Melbourne market in the past 12 months is down 13 per cent.
The amount of time properties are spending on market has also increased marginally, which is another factor some owners may have considered, according to CoreLogic's Kevin Brogan.
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