Anxious buyers are afraid of missing out, holding the auction clearance rate above 70 per cent for 20 consecutive weeks.
Auction markets continue their strong run, with the second highest number of auctions recorded this year, despite the approach of the holiday season, and with clearance rates holding above 70 per cent for the twentieth successive week.
"Auction activity does not appear to be slowing through the festive period" wrote CoreLogic in its latest Property Market Indicator Summary.
The number of auctions held during the week was the highest since March. A total of 3,411 auctions were held over the week, achieving a preliminary clearance rate of 74.6 per cent, up from last week’s 72.3 per cent and substantially higher than the equivalent period last year of 58.2 per cent.
The last time the combined capital city clearance rate held above 70 per cent over a 20-week period was in 2009.
The nation's two largest markets - Sydney and Melbourne - achieved clearance rates of 77.4 per cent and 80.2 per cent respectively.
The strongest clearance rate in the nation was in the Ryde area, which saw a preliminary rate of 88.9%.
A four-bedroom family home at 27 Beazley Street Ryde sold at auction on Saturday for $1.622 million.
Robert Younis of First National West Ryde, told SCHWARTZWILLIAMS there were nine registered bidders on the day. The bidding opened at $1.3 million, and "just went crazy," he said.
Younis said that Ryde's central location, its new shopping centre, and North Ryde Business Park, which has three train lines running to it, are making Ryde a very attractive location.
Younis said the new owner of the Beazley Street property will knock down the house and rebuild.
Younis said the Ryde market was "pretty hot", and there are a lot of "anxious buyers" who are afraid of missing out.
See also:
Auction clearances holding strong heading into the holidays
Auction clearances remain high despite 'Super Saturday' volumes
Short real estate auction campaigns tempting sellers ahead of holidays