Auction clearances rose to their highest this year, pushed by a Sydney market in which the rate jumped on lower stock levels.
The national average rate clearance rose to 80.2 per cent, up from 76. 2 per cent last week, CoreLogic’s preliminary numbers showed. In Sydney, the rate rose to 85.6 per cent from 81.4 per cent last week as the number of auctions scheduled fell to 866 from 913.
Melbourne clearances also increased – to 81.8 per cent from 77.7 per cent – as the scheduled number of auctions rose, to 1378 from 1182 last week.
The strength of the market that is pushing prices higher makes a contrast to growing predictions of a glut of apartments and halving in approvals of new units as banks pull financing and developers pull in their horns.