According to The Australian Financial Review, clearance rates surged in Sydney and Melbourne on the sixth biggest auction weekend of the year, suggesting talk of a downturn in the housing market may be premature.
In Sydney where there were 1053 scheduled auctions, CoreLogic recorded a preliminary clearance rate of 80.7 per cent, up from a final 74.5 per cent last week – the strongest result since April 9.
In Melbourne, where there were 1323 auctions scheduled, the preliminary clearance rate hit 79.2 per cent, up from a final 75 per cent last week.
Nationally, the clearance rate rose to 77.2 per cent up from 72.8 per cent last week – the strongest result in two months.
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