The number of properties that went to auction across Australia's capital cities last week was 3,232, significantly higher than the number recorded for this time of year in previous years, and also well up on last week.
Auction numbers were the highest on record for the month in both Sydney and Melbourne, the nation's two largest property markets.
Despite the record numbers, the CoreLogic weighted average national clearance rate remained exceptionally strong, with preliminary figures coming in at 78.6 per cent. Last week's result was 71.4 per cent, a result recorded on lower numbers - only 2,701 properties went to auction last week.
Auction activity has been increasing week-by-week, with volumes increasing across all the capital cities and clearance rates also rising, except in Canberra and Perth, where clearance rates fell over the week.
The strong clearance rate defied expectations, John Cunningham, president of The Real Estate Institute of NSW, told SCHWARTZWILLIAMS.
"The weekend was surprising," he said.
"As a Super Saturday we expected to see the clearance rate drop but it did not. This shows that there is a massive imbalance been supply and demand."
Cunningham was circumspect about the future of price rises. "We need to be conscious that the market cannot continue to rise at a rapid rate," he said. "The last thing we want to see is ‘the bubble’ burst," he said, adding, "the market needs to slow down".
With more stock coming onto the market, Cunningham said "people are feeling comfortable selling before they buy".
"We need a stable market which is supported by more stock," said Cunningham.
Cunningham said the next Super Saturday will be at the end of March and, again, will be closely watched.
In Adelaide, Alex Ouwens, president of The Real Estate Institute of South Australia, told SCHWARTZWILLIAMS the volume of auctions was steady with the rate at this time last year, but "the clearance rate is a healthy 13% stronger than at this time in 2016".
"Running at 77%, Adelaide is now certainly the strongest market in Australia outside of Melbourne and Sydney," says Ouwens.
According to Ouwens, new direct flights from China to Adelaide, and from the eastern states to Kangaroo Island are boosting tourism, which, in turn, is helping property markets.
Visit Luxury List to view a five-bedroom home at 10 Duntroon Avenue, Roseville, NSW, which sold on the weekend for $4.3 million.
Visit Luxury List to view a four-bedroom home at 37 Ilka Street, Lilyfield, NSW, which sold at auction on the weekend.
Visit Luxury List to view a three-bedroom home at 59 Mason Street, Hawthorn, Victoria, which sold at auction on the weekend.
Visit Luxury List to view a five-bedroom home at 21 Boisdale Steet, Surrey Hills, Victoria, which sold at auction on the weekend.
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