A preliminary weighted average clearance rate of 73 per cent was recorded this week across capital cities compared to 76.4 per cent last week and 70.2 per cent this time last year.
The main auction activity this week was in Sydney and that ensured that the national clearance rate remained above 70 per cent for the fourth week in a row. We expect a very busy period between now and Easter with only three weekends available and demand from buyers very strong in Sydney, Canberra and Melbourne.
In Sydney a preliminary clearance rate of 83.3 per cent was recorded compared to 81.4 per cent last week and 78.8 per cent last year. This is now the fourth consecutive week with a clearance rate in excess of 80 per cent. This indicates an auction market is strongly tilted in the favour of sellers.