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Australia has recorded its best combined capital city auction clearance rate so far this year, according to RP Data.
The combined total was 72.7 per cent across 1,454 auctions across the country; a rise from last week’s result of 70.1 per cent across 1,440 auctions.
In Melbourne, the preliminary clearance rate was recorded at 71.6 per cent, increasing slightly from last week’s final auction clearance rate of 71 per cent.
Australian Property Monitors (APM) recorded a higher result of 75 per cent, which was the best weekend auction clearance rate this year.
“It is no surprise, given the rush to take advantage of local changes to the first home buyer grant, that this group made up almost 20 per cent of all owner-occupied finance approved in Victoria over June,” said senior economist at APM Dr Andrew Wilson.
Melbourne’s weekend auction clearance rates have averaged 71.6 per cent over August so far, compared to just 52.1 per cent over the same period last year.
Sydney’s auction clearance rate, according to RP Data, increased from 76.3 per cent last week to 79.7 per cent, marking the seventh week in which results have been recorded above 70 per cent.
APM recorded a result of 81.6 per cent in Sydney, which was the sixth consecutive weekend where Sydney’s auction clearance rate peaked above 80 per cent.
“August is now set for the highest monthly auction clearance rate ever recorded by the Sydney housing market,” said Dr Wilson. “And this is despite a surge in auction listings over the month compared to August last year."
Sydney’s weekend auction clearance rates’ average result has been 81.6 per cent over the past six weeks, compared to 61.5 per cent over the same period last year.
The most expensive property sold was in Sydney with a value of $3.22 million, while the most affordable property was in Melbourne with a value of $220,000.
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