Auction clearances have nudged up to nearly 70 per cent nationally as frustrated renters join the market, helping push one home $200,000 over its $2.1 million reserve.
Auction clearance rates have jumped, hitting 72 per cent in Sydney, as listings doubled nationwide, with buyers taking heart from a pause in rate increases andAfter the bottleneck of the Easter holiday long weekend, listings surged to 1704 nationally over the past week, up from 652 previously, with a nearly 70 per cent success rate. The clearance rate was up two percentage points on the previous week, on CoreLogic’s preliminary figures.
The stronger numbers defied the normal season trend over the Easter break and school holidays, when clearance rates typically dip, according to veteran analyst Louis Christopher, the founder of SQM Research. “The local market is proving it is extremely resilient. I haven’t had 20 registered bidders since 2021,” Mr Lang said.
“The suburb only has two properties on the market for sale, meaning that the low stock environment is what is pushing prices at the moment.
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