Auctions forecasted to break records this year

Just when you thought last year’s auction records were impressive, the results for the previous months have already surpassed last year’s numbers. Last week’s preliminary auction results from RP Data have increased to 72.4% from 70.2% the previous week. The results are way up from the previous year’s result of 64.4%.

Sydney‘s preliminary auction rate for last week finished at 82.7% for 857 properties, the second strongest result for this year. Melbourne finished at a 67.9% clearance rate.

These results are favorable for buyers and investors, as the Reserve Bank announced their decision to keep the official cash rates for “some time” this year.

Read more about this on the Australian Broker Online website.