Auction clearance rates have hit their highest levels in six-years with preliminary figures revealing that more than three quarters of properties sold under the hammer last week.
Reserve prices continue to be smashed, particularly in New South Wales where one house sold for $1.1 million above its reserve price.
CoreLogic RP Data figures reveal a weighted average clearance rate of 78.3 per cent last week across capital cities, up from 74.5 per cent the previous week.
Spokesman Robert Larocca said it was the highest national clearance rate since 79.7 per cent was recorded in September 2009.
He said there was no doubt interest rate cuts had, had a positive impact on the real estate market.
Sydney’s clearance rate was well above the national average with a clearance rate of 85.1 per cent.
The figure just keeps climbing in recent weeks. It was 84.2 per cent last week and 79.8 per cent at the same time last year.
Sydney continues to have the strongest auction market nationally and is providing vendors with unprecedented results.
In Melbourne the clearance rate was also a solid 77.8 per cent. Canberra continued its strong run with a clearance rate of 73.3 per cent and Adelaide was close behind at 72.9 per cent.
Brisbane improved in the past week with its clearance rate up to 57.1 per cent, while in Perth it was 41.7 per cent.
According to Rocky Bartolotto of Auction Services in New South Wales many homes continued to sell for well above reserves.
“With one lucky vendor achieving a result which felt like winning lotto,’’ he said.
The home sold under the hammer for $2.85 million in front of a crow of about 300 people.
There were 28 registered bidders for the home.
The small four-bedroom cottage is between a unit block and a service station and it has a mixed-use zoning.
It was marketed through Professionals Ermington.
“The vendors said that it felt like they had just won Lotto, they were overjoyed with the outcome and said it was very hard to let go of the property,’’ Mr Bartolotto said.
It has four bedrooms and polished timber floor throughout.
The two-level home was marketed through Ray White Ashgrove.
The downstairs area has a home office, soundproof music room, large wine cellar, and a family room, which leads to covered, outdoor entertaining area.
Michelle Hele, Herald Sun, 16th March 2015