Auctions are not losing steam as properties sold under the hammer prepares for the final weekend this year.
Sydney will be hosting 309 properties over the weekend, 4 times than the 73 properties auctioned off the same time last year. Last week, 995 properties were sold under the hammer, a record breaking performance for Sydney. Despite this historic number, Sydney was able to accomplish a 76.1% clearance rate. Melbourne was able to bounce back by putting up a 72% clearance rate, higher than the week before at 67%.
These historic performances are very unlikely to happen again next year, according to economists. But based on this year’s performance, anything is possible. Not many predicted the property sector to perform this well, but we saw it unfold right before our eyes.
Read more about this on the Real Estate Business website.