Clearance rates reshape traditional ideas of the market
REAL estate auction clearance rates in the big cities over the past two weeks have seen unprecedented levels of 84.6 per cent and 84.3 per cent - and RP Data expects the strong performance to continue right through spring. Traditionally, the Saturday before the October long weekend hosts the largest number of auctions. But RP Data senior research analyst Cameron Kusher believes the market is strong enough to support numerous big days. ‘‘This is the first time we have seen clearances above 80 per cent for consecutive weeks since we began recording them in 2008. We expect that to continue through spring while we’ve got such low interest rates. As more listings come on, you might find that even bigger Saturdays happen in October or later," said Mr Kusher. The Sydney market has outperformed capital cities since the start of the year, maintaining clearance rates over 70 per cent right through winter.