The combined capital city clearance rate was 77.0 per cent on the weekend, despite auction volumes reaching the highest level of the year, says CoreLogic.
A total of 2,280 homes were due to go under the hammer during the week, up from 1,591 the previous week.
The strongest clearance rates, according to CoreLogic's preliminary data, were in Sydney, where 83.5 per cent of auctions were successful, and in Canberra, where 81.5 per cent of properties that went to auction were sold.
Melbourne also recorded a strong preliminary clearance rate, with 76.7 per cent of auctions clearing.
The combined capital city clearance rate was higher last week than for the corresponding period last year, and the number of auctions held was lower, indicating that tight supply is holding up clearances rates. For the last week last year, 2,347 auctions were held, and a 71.8 per cent clearance rate was achieved.
Real Estate Institute of New South Wales president John Cunningham told SCHWARTZWILLIAMS the auction clearance rate across NSW on the weekend was "phenomenal" and "a true indication of where the market sits".
"The supply has not increased as expected with low levels from last year continuing into 2017," he said.
"The market is still growing, but because people are choosing not to move, this is placing upward pressure on prices," said Cunningham, who says people are deciding to buy before they sell.
"The issue is not about stock being built," he said, "it is about people not making the decision to sell before they buy."
In South Australia, the auction clearance rate was 68.9 per cent, according to CoreLogic's preliminary numbers.
Alex Ouwens, president of Real Estate Institute of South Australia, told SCHWARTZWILLIAMS, "With approximately 100 auctions called on the weekend in South Australia, the clearance rate remains at just below 70%. Sentiments generally amongst agents are that prices are continuing to rise at a sustainable rate with a good depth of buyer activity for sensibly priced property."
Ouwens said, "Interstate activity is increasing," as buyers look to the better value of South Australia compared with the eastern states.
Visit Luxury List to view a five-bedroom property at 6 Patricia Place, Cherrybrook, NSW, which sold for $1,850,000 on the weekend.
Visit Luxury List to view a three-bedroom townhouse at 19 Hardiman Street, Kensington, VIC, which sold for $1,320,000 on the weekend.
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