Sydney and Melbourne property markets remain in overdrive, propelling the national auction clearance rate to 77.5% over the weekend, according to CoreLogic.
CoreLogic's preliminary auction clearance rate on the weekend was 77.5%. Volumes are down on last year.
Sydney's auction clearance rate was a red hot 84.2%, and Melbourne's was also strong at 77.2%.
The combined capital city preliminary clearance rate increased from 73.6% last week. A total across the country of 2,843 auctions were held during the week, up from last week’s 2,517. But auction volumes continue to track lower than the same period last year, when 3,274 auctions were reported, and achieved a lower clearance rate (62.3%).
CoreLogic expects more properties will flow onto the market in the weeks leading up to Christmas, and indicates that clearance rates in Sydney and Melbourne could soften in the weeks ahead.
Source: CoreLogic.
Georgia Cleary of Bradfield Cleary, sold a four bedroom apartment for almost $2.6 million during the week.
"It was an old house that had been split up into apartments, so it was quite unique," said Cleary.
Cleary said there was no sign that the market is cooling, and that in the weeks up to Christmas, she doesn't expect the market's pace to ease.
"I don't think there's any sign of cooling from the pace we've had all year," she said.
She said if people are wanting to buy, "they're going to have to be a bit more compromising" as prices keep rising.
Cleary said they expect to be back at work in early January, and that if last year is any guide, demand will stay strong. "It's a question of where people are going to live," said Cleary, so they don't just give up looking.
See also:
Auction clearance rates at 14th week above 70%
Auction clearances suggest low rates have reignited property boom