Rate cut puts auctions in overdrive

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Auction clearance rates hit their highest point so far this year, reaching 74.9% over the weekend, compared with 72.0% the previous week, according to CoreLogic.

Low volumes of properties for sale could be a factor behind the strong selling rate, with 1,517 auctions held on the weekend, compared with 1,610 the previous week, and down sharply from 2,512 recorded for the same week last year.

Sydney led the charge, achieving a clearance rate of 80.4%, with Melbourne close behind, achieving a clearance rate of 76.1%.

Sydney, Melbourne, and Brisbane all achieved higher clearance rates on the weekend, according to CoreLogic, while Perth, Adelaide, Darwin and Canberra all recorded declines in clearance rates.

Demand for property in Sydney’s eastern suburbs and inner city continued unabated, recording the strongest clearance rates in the country at around 95%.

CoreLogic data shows property prices in Sydney rose 0.2% over the week, to be up 9.3% on the year. While Melbourne property prices were up 0.3% over the week, to be up 6.9% for the year.