Booming Sydney and Melbourne markets pushed the national auction clearance rate to its third-highest rate ever over the weekend, showing the risks to the Reserve Bank of further cutting rates on Tuesday.
The combined capital city rate of 79 per cent - apart from the last weekend's figure of 82.3 per cent, based on a subdued Anzac Day market - was the highest since the 79.7 per cent posted in September 2009, CoreLogic RP Data figures show.
In Sydney, where investors, offshore buyers and owner-occupiers are all battling for off-the-plan property, the auction clearance rate of 89.7 per cent was up from 71.4 per cent a year ago.
Melbourne's clearance rate jumped to 81.3 per cent from its year-ago figure 61.9 per cent on a weekend in which an unrenovated brick villa in Albert Park sold for $4.21 million, $1.71 million above the reserve price.
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