Clearance rates remained strong last week amid slightly lower volumes, and despite the possibility of higher interest rates next year.
CoreLogic's combined capital city preliminary clearance rate last week was 75.0 per cent, up from the previous week's final clearance rate of 73.0 per cent.
At the same time last year, CoreLogic data shows that auction clearance rates were tracking in the high 50 per cent to low 60 per cent range.
The number of properties taken to auction last week was down, with 3,173 properties going under the hammer, down from 3,398 the previous week.
The prospect of higher interest rates failed to dent the market.
Paul Langsam, associate director with Raine & Horne Double Bay, told SchwartzWilliams, "In my opinion, I haven't seen the speculation of an interest rate rise have an effect on enquiries or the number of people looking, assuming it's a good property and properly priced."
Langsam sold a six-bedroom semi in Bondi for $3.3 million at auction last week, a result well above the $2.8 million reserve.
Langsam said he has around 20 buyers on his books still looking to buy property around the $2.5 million mark. He said even if rates do rise slightly, they are coming from such a low base, by historic standards they will still be relatively low.
Langsam also sold a two-bedroom, 88.3sqm apartment on Campbell Parade, Bondi Beach, for $2.125 million last week.
"I don't see a correction," said Langsam about the year ahead. "Will it go up at the same rate? Well that's a question of affordability," he said.
Auction activity is expected to slow over the remaining weeks of December, according to CoreLogic.
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