Auction clearance rates surge in two capitals

Australia’s biggest city enjoyed a clearance rate of 86.1 per cent last weekend, according to APM PriceFinder.

That compares with the year’s previous best result of 85.5 per cent, which came three weeks earlier, and the result from the corresponding period last year of 73.9 per cent.

Property sales rose 9.5 per cent year-on-year to 520, with the median house sale price jumping 26.3 per cent to $1.3 million and the median unit sale price falling 0.4 per cent to $730,000.

Melbourne’s clearance rate increased from 69.5 per cent to 79.2 per cent. Sales climbed 17.0 per cent to 729, with house prices up 15.0 per cent to $870,000 and unit prices up 0.1 per cent to $534,000.

However, activity went backwards in Brisbane and Adelaide.

Brisbane’s clearance rate declined from 50.0 per cent to 47.8 per cent, with sales dropping 38.9 per cent to 22 and house prices slipping 3.8 per cent to $685,000.

Adelaide also experienced a fall in its clearance rate, from 61.9 per cent to 50.0 per cent. Property sales fell 11.5 per cent, but house prices rose 6.0 per cent to $573,000.