Last weekend, based on CoreLogic statistics, the domestic auction clearance rate attained a two year high of 76.6 percent, giving proof of further strengthening of house prices. This was well above the final clearance figure of 67.8 percent from the past week, despite the complete amount of planned auctions increasing from 1,111 a week earlier to 1,221.
Sydney was the leader of the pack, with a clearance figure of 81.7% from 444 auctions, up from a final 76.2% from the past week, while Melbourne received 78.3% from 588 auctions, up from a final 72.3%. The lower markets Canberra, Perth and Adelaide also had a strong return on clearance rates of 81.8%, 71.4% and 70.4% respectively.
The weekly index of CoreLogic shows that house prices are set to increase slightly again in August, building on the tiny gains reported over the previous two months by Sydney and Melbourne. Domain, which recorded a domestic clearance figure of 73.4 percent, revealed that the top outcome was the $7.05 million sale of a Toorak house.