NEWS
Around Australia, property auctions have enjoyed buoyant conditions with more than 70 per cent of auctions selling under the hammer week-on-week for the last 15 consecutive weeks. According to rpdata.com national research director Tim Lawless, 1,670 auctions took place over the weekend across Australia’s capital cities.
And just as auction volumes have ramped up, so too have auction clearance rates. The national weighted average has been above 70 per cent for the past 15 weeks.
Mr Lawless said that auction clearance rates of houses for sale in Australia are often used as a timely barometer of real estate market sentiment.
“When clearance rates are high we can assume that there is a healthy level of optimism amongst buyers and that vendor expectations about the value of their property is aligned with buyer expectations”.
Source: RP Data
Published: 26 October 2009
