Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Sunday, 3 May 2015

RP Data on Sydney auctions

Auction clearances third strongest on record

CoreLogic-RP Data put its preliminary auction clearance rate for Sydney at 87.3 percent from a total of 839 auctions.

This compares to just 71.4 per cent from the comparative weekend in the prior year.

This leads the data to a total of 13 consecutive weeks that the auction clearance rate in Sydney has hit at above 80 per cent.

More pertinently, this represents the third week in a row that the preliminary clearance rate has exceeded 87 per cent.

RP Data notes that one third of Sydney's sub-regions recorded a preliminary clearance rate in excess of 90 per cent.

A strong preliminary result was also recorded for Melbourne of above 81 percent from 1110 auctions. 

The combined capital city average preliminary clearance rate of 79 per cent is the third strongest on record, reports RP Data.

Low interest rates and investor activity are evidently making for a heady combination.

Domain Group reported that Sydney's lower north shore, which typically sees many prestige properties sold, recorded a 95 per cent clearance rate.

Not to be outdone the inner west hit 97 per cent this weekend.