Unprecedented buyer demand has pushed auction prices to record highs across capital city markets, a new report has revealed.
Archistar’s My Housing Market report finds that all capital cities recorded sharp increases in the median price of houses sold at auction over the year ending March 2021.
Brisbane saw the highest level of annual price growth at 29.3%, followed by Sydney with 16.4%, Canberra with 12.2%, Melbourne with 11% and Adelaide with 10.9%.
“Home auction markets have soared to record highs over March, reflecting unprecedented buyer demand for available property,” says Archistar chief economist Andrew Wilson.
Based on houses sold at auctions in March, Sydney recorded the highest median price for houses at $1,609,375, followed by Brisbane $1,099,750, Melbourne $1,010,750, Canberra $926,875 and Adelaide $757,375.
Auction clearance rates across capital cities also continued to surge over March, with all markets reporting “record-level results”, Wilson says.
Sydney and Adelaide led the charge with a 90% clearance rate over the month, followed by Canberra with 89.6%, Melbourne with 82% and Brisbane with 81.4%.
Wilson says all capital cities are witnessing clearance rates higher than the levels recorded in March 2020.