Days after the Reserve Bank slashed interest rates to record lows the Sydney auction market recorded its highest clearance rate ever.
The 89.2 per cent result pipped the previous all-time record of 89.1 per cent, set just a week earlier.
Modelling from the Domain Group shows just how much of an impact rate cuts are having on clearance rates, as well as prices growth - something that was felt by agents and auctioneers across the city on Saturday.
One of the best results of the day a three-bedroom house at 18 Court Road, Double Bay, fetched $2.7 million, which was nearly $1 million more than the owners' expectations.
t was the latest raging auction weekend in a market that has been steadily building in intensity since interest rates started falling - from 4.75 per cent to 4.5 per cent - in November 2011.
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