National preliminary clearance rates still above 70%
Despite a recent three-week decline, the property market's preliminary clearance rate remains resilient, consistently holding above 70% for the past 12 weeks, according to new data from CoreLogic.
Last, a final auction clearance rate of 66.8% was achieved across 1,539 auctions. While auction activity is gradually increasing in the capital cities, current volumes are still lower compared to the same period last year, which saw 1,812 auctions and a clearance rate of 51.9%.
In Melbourne, there were 668 auctions this week, continuing a four-week trend of rising auction numbers, CoreLogic reported. However, the preliminary clearance rate of 68%, based on 535 results collected, marked the lowest figure since the Easter weekend. This also ended a 14-week streak of initial clearance rates above 70%. Last week saw 650 homes go under the hammer, resulting in a final clearance rate of 68.8%. In comparison, Melbourne had 710 auctions during the same period last year, with a clearance rate of 52.0%.
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Sydney hosted 699 auctions this week, with preliminary results showing a clearance rate of 74.2% from 535 results collected, according to CoreLogic. This was slightly down from last week's preliminary rate of 74.9%. The final auction clearance rate for Sydney in the previous week was 67.5% across 606 homes. During the corresponding week last year, Sydney had 674 auctions, achieving a combined clearance rate of 50.8%.
Smaller capitals
Among the smaller auction markets, Brisbane led with 168 auctions, supported by a notable in-room event on Saturday morning, resulting in a preliminary clearance rate rise of 6.3 percentage points to 66.1%. Adelaide followed as the next busiest capital with 115 auctions, boasting the highest preliminary clearance rate among the capitals at 74.6%, CoreLogic reported.
Canberra hosted 67 auctions and achieved a 71.7% success rate. Perth had 12 auctions scheduled, of which four have been recorded as successful, while there were no scheduled auctions in Tasmania during the week.
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