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Strong Clearance Rates in Sydney

By Louise Morrin

Sellers of property in Carlton and other sought-after Sydney suburbs did well for themselves in the week to March 23.

Sydney continues to demonstrate its prowess as one of the nation’s strongest property markets, while national figures were also favourable.

Clearance rates across Australia climbed above 70 per cent for the sixth week running, according to a March 24 release from RP Data’s Shana Miller.

The weighted auction clearance rate for combined capital cities was 71.2 per cent in the week ending March 23, a marginal increase from the previous week’s 70.8 per cent.

Sydney pulling out the stops

The New South Wales capital recorded the highest clearance rate in the country, at 77.9 per cent, almost 8 percentage points ahead of the national figure and a good result for sellers in the region.

The only other capital that bet the weighted capital average was Melbourne (71.7 per cent), while Brisbane slacked behind, with a figure of 37.3 per cent.

Auction volumes in Sydney were lower than the same week in 2013. “A lower proportion of homes were selling successfully under auction conditions (68.6 per cent),” noted Ms Miller.

However, with house values increasing 14.9 per cent year-on-year, the commentator is confident of the capital city’s strength.

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