Figures from RP Data have predicted a bumper upcoming weekend for home sales at auction across Australia's major cities.
Property Observer reports combined capital clearance rates are on an upward trend at present and are significantly higher now than they were at this time in 2011 - up from 44.8 to 56.9 per cent.
Predictions from the real estate valuation provider for the coming weekend's sales are for further gains, with Melbourne set to witness more than 700 auctions in the coming weekend, while Sydney will see more than 550.
Across the nation, RP Data has forecast more than 1,500 capital city auctions will be held this weekend, with Queensland, Victoria and New South Wales all delivering higher-than-expected activity.
Australian Financial Review recently reported a significant upturn in the Sydney market, with auction houses in the city witnessing a 67.3 per cent clearance rate for properties last weekend - a figure much higher than the seasonal average.
Posted by Craig Francis