Australian property auctions booming
In February, the number of homes successfully sold via auction was the highest since the peak of the property boom in 2003, Australian Property Monitors (APM) figures show.
APM operations manager Michael McNamara said auction clearance rates had risen due to a return in home-buyer confidence.
“With current low inflation, interest rates have stabilised giving many buyers the confidence to make purchasing decisions,” he said.
“What we’ve seen in most capital cities is that premium suburbs over the last 12 months have achieved very strong growth.”
Melbourne had the highest auction clearance rate in February at 76 per cent, up from 64 per cent a year earlier.
Adelaide was next at 73 per cent, up from 59 per cent in February last year, followed by Sydney on 61 per cent from 53 per cent.
Brisbane clearance rates rose to 61 per cent from 53 per cent a year earlier.
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