Australia’s major cities are continuing to record strong property results with auction clearance rates reaching their strongest percentage in three years.
Last weekends figures from Australian Property Monitors show a clearance rate of 78.1% in Sydney.
Out of 408 listed properties for sale in Sydney, 244 have been reported so far and of those, 200 properties have sold.
In Melbourne, the Real Estate Institute of Victoria reported a clearance rate of 71%. Out of 670 auctions listed, 475 sold and 195 were passed in.
Property investors and middle market buyers are believed to be driving the trend in Sydney, while owner-occupiers are the key buyers in Melbourne.
Recent figures from the Australian Bureau of Statistics have also revealed loans to property investors increased by 16 per cent in 2012.
Select the following link for a full article with further information on recent auction clearance results: http://www.smartcompany.com.au/property/055389-no-sign-of-property-slow-down-as-sydney-records-strongest-auctions-weekend-in-three-years.html