The auction clearance rates of Australia’s two largest cities Sydney and Melbourne are at the highest that they have been since the start of 2015.
APM Market Reports data shows that the auction clearance rate in Sydney last week 21–28 March 2015, was at 88% up from the previous week’s clearance rate of 84%. While Melbourne’s auction clearance rate last week was at 79% up from the previous week’s clearance rate of 76%. The auction clearance rate of other major cities remains subdued, with Brisbane’s auction clearance rate at 46%, the same level as it has been previously this year and Adelaide at 63%, down from this year’s high of 66%.
High auction clearance rates typically reflect high demand and property price rises, so further price rises are expected in Sydney and Melbourne over 2015. These results come on the back of the recent, Feb 2015 cash rate cut by the Reserve Bank of Australia, which was predicted to stimulate price growth in the Australian housing market.
Are you buying in Sydney or Melbourne and need to organize your finance? Maybe you have a home loan and want to make sure you are getting a good deal. Contact trusted mortgage brokers in Melbourne or Sydney to arrange a free consultation.
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