Amazing auction results last weekend with National auction clearance rates at 83.8% across the 3-capital cities. It appears that auction clearance rates, and their strength, are across the board with the following auction clearance rates occurring by state:

Canberra – 92.7% Adelaide - 82.8% Brisbane - 74.6% Perth – 75% Sydney – 89.1% Victoria – 80.0%

Given that prices in regional areas have also shown growth over the last year, it looks like this property boom may be an Australian-wide across the board property boom. In some cases in Sydney, for example, properties are selling for $190k above reserve and with the RBA indicating that interest rates won’t be increasing until at least 2024, it looks like this trend will continue.

It appears that the “expat factor” is also generating property growth. For example, competition on the weekend between a returnee from Singapore and a local upsizing family pushing a property #200k above its reserve.

The same cannot be said for office space where there are growing vacancies, particularly in Sydney and Melbourne. In fact, it looks like rents achieved will significantly reduce in some cases and hence, property values with it. The amazing differences that the pandemic has created in the different parts of the economy!