Sydney and Melbourne Housing Market Heats Up: Auction Clearance Rates Sizzle Above 60%

The Australian property market is showing no signs of slowing down in 2024, with auction clearance rates remaining "very strong" according to REA Group Senior Economist Paul Ryan.

This is particularly true for Australia's two largest cities, Sydney and Melbourne, where clearance rates have consistently held above 60% since the beginning of the year.

"Even given that we've had really strong auction clearance rates," Mr. Ryan told Sky News Australia, "they've held above 60 per cent."

This hot streak is further evidenced by the high number of auctions held last week – a total of 2,059 – with a clearance rate of a healthy 64.1%.

This news comes in partnership with REA Group, a leading provider of property data and insights in Australia.