Home sales boom at record auctions

A record number of homes were listed and sold at Australian city auctions during the weekend.

Homeowners wishing to take advantage of rising prices rushed to sell their properties with Sydney, Melbourne, Brisbane and Adelaide all having significantly more houses up for auction than during the same weekend last year, the Australian reported.

A high proportion of the properties were sold as Sydney saw a 70.7 per cent clearance rate at the weekend – up 6.7 percentage points on the same weekend last year.

Meanwhile, Melbourne’s auctions sold 75.5 per cent of the 1,072 properties listed for auction at the weekend.

Such vigorous trading activity may interest Australians who choose to compare home loans in search of the best deals.

David Airey, president of the Real Estate Institute of Australia, said the auctions reflected the "incredible optimism" in the housing sector.

"It’s certainly having a very buoyant time . . . it’s no wonder the RBA are keeping a close eye on price bubbles,’’ he said. "It’s not just auctions either, private treaty sales are also having a great run."

This week, it was reported that as Australia’s strong population growth continues to accelerate, the combined housing shortfall could reach 500,000 homes and apartments by 2029.

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