Home auction clearance levels rose further at the weekend as buyers bid confidently despite thebecause of rising interest rates.
Adelaide, Brisbane and Canberra all recorded clearance rates of about 80 per cent, while 70 per cent of properties in Melbourne sold after a nation-leading 1033 properties went to auction.The highest price paid was $10.4 million for a deceased estate in the eastern Sydney beach suburb of Bronte, where the suburb record of
“There was a lot of talk at the end of last year that prices were going to fall, but we’re certainly not in that territory at all,” Ms Conisbee said.Bidding was strongest in Brisbane and the Gold Coast, with five active bidders per property compared with the national average of three, she said, Adelaide and Canberra also outperformed.
“I think we’re set for more and more auctions coming on the market, which will really test the depth of demand,” Mr Lawless said.“Probably we’ll start to see auction clearance rates, particularly in Sydney and Melbourne, either level out or start to drift a little bit lower.”
The threat of rate rises has people scrambling to buy before their loan ceiling is lowered.
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