Whilst the year may be winding down and everyone is getting ready for a break over the holiday period, the Auction clearance rates are still revealing amazing results across Australia and Victoria, showing that the property market isn’t ready to take a break just yet.
Last weekend saw the second highest amount of auctions held in 2016, with a nationwide clearance rate above 70% for the twentieth week in a row – a record which hasn’t been seen since 2009. 3,411 auctions were held across the nation last week, with a 74.6% clearance rate. This rate is higher than the previous weeks rate of 72.3%. CoreLogic has surmised that “Auction activity does not appear to be slowing through the festive period” indicating that the market is not ready to shut up shop for the year just yet. This period last year saw a clearance rate of only 58.2% nationally, furthering expert opinions that 2016 has been the year for property.
The two strongest markets in the nation were the Sydney and Melbourne markets, with Melbourne revealing the highest clearance rate in the country with a whopping 80.2%. Paul Langsam from Raine and Horne says there is very little phasing buyers this season, including rumours of an interest rate rise next year “In my opinion, I haven’t seen the speculation of an interest rate rise have an effect on enquiries or the number of people looking, assuming it’s a good property and properly priced.”