Auction clearance rates remain strong in Sydney and Melbourne

Business Insider reports that auction clearance rates in Sydney and Melbourne continue to exceed 80%.   Many sellers are continuing to choose to sell their properties via auction regardless of new APRA rules that limit interest only lending coupled with renewed warnings from the RBA.  The strength of the market may also be fuelled by suggested changes to housing policy in the upcoming May budget.

The article reports that CoreLogic notes “the strength of the auction market is being seen “across Melbourne’s sub-regions, the Mornington Peninsula region recorded the highest clearance rate of all the regions, with 87.0% of the 66 auctions successful, followed by the North West region, where an 86.1% clearance rate was recorded across 107 auctions.”   Areas that also recorded to strongest auction clearance rates included the outer west and the Blue Mountains area west of Sydney.

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