Volatile sharemarkets and low interest rates are a few of the factors believed to be behind this weekend’s clearance rate of more than 80% in Sydney, but one other factor is also playing into the mix: investors.
APM senior economist Andrew Wilson said the Sydney market is being ‘energised’ and estimates that half the sales are by investors, many of whom are seeking capital growth from property in their SMSFs.
On the other hand, Melbourne’s auction clearance rate remained at a ‘solid’, if not particularly exciting, 70%.
“There are some signs that it is increasing across most price brackets and regions,” said Wilson.
The majority of other major market clearance rates have also risen due to lower interest rates, with variations generally reflecting the impact of local economic conditions.
According to RP Data, the median house price for Sydney is $600,000, versus $448,000 in Melbourne.
Sydney properties within the $1-1.5m range did particularly well, but figures continued to be flat in prestige markets.
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