Sydney, Melbourne and Brisbane are showing stronger auction clearance rates than this time last year, suggesting the housing market is in good shape despite price declines.

Rising auction clearance rates – which measure the amount of properties that sell under the hammer on auction day – are said to indicate stronger demand and perhaps higher prices.

Australian Property Monitors says the clearance rate in Sydney was 69 per cent on the weekend of July 13 and July 14, well up on the 48 per cent for the same time last year. 

In Melbourne, a clearance rate of 74 per cent was 16 percentage points better than last year's result.

Brisbane's clearance rate of 47per cent also represented a significant improvement on last year's 34 per cent, while Adelaide's clearance rate was 59 per cent, up from 44 per cent on the corresponding weekend in 2008.

 

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Tags: Auction, Brisbane, Melbourne, Sydney

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