Auction market looks to stave off winter lull

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An increase in auction activity last week seemingly resonated with buyers, with a likely rise in the national clearance rate recorded.

Figures from CoreLogic show the preliminary clearance rate across last week’s 2,139 currently sits at 67.8%.

The previous week saw a final clearance rate of 65.7% recorded across 1,100 auctions, while the corresponding week last year saw 2,268 auctions held and clearance rate of 77.3% recorded.

With more than 1,000 auctions held, Melbourne was easily the busiest auction market last week.

The preliminary clearance rate in the city currently sits at 68.2%, which is up from the final mark of 64.5% recorded the previous week when the city held just 341 auctions.

Last week, Inner Melbourne was the city’s busiest sub-region with 202 homes going under the hammer and returning a preliminary clearance rate of 67.6%.

In Sydney, 728 auctions were held last week with a preliminary clearance rate of 74.7% recorded, the highest mark across the country for the week.

That mark is a slight improvement on the previous week for Sydney, when a final clearance rate of 74.1% was recorded from 463 auctions, while the corresponding week last year saw a clearance rate of 82.4% recorded from 862 auctions.

Last week, Ryde was Sydney’s best performing sub-region with a preliminary clearance rate of 88.0% followed by North Sydney and Hornsby at 85.5%.

In Brisbane, the preliminary clearance sits at 44.3% from last week’s 120 auctions.

The previous week saw the Queensland capital record a final clearance rate of 46.3% 142 auctions.

In Adelaide, 80 auctions were held last week compared to 75 the week prior.

The increase in auctions did not coincide with a clearance rate increase, with the preliminary clearance rate currently at 67.7% compared to the previous week’s 75.4%.

In Canberra, the preliminary clearance rate currently sits at 58%, well below the final mark of 73.9% recorded the previous week.

The nation’s capital held 64 auctions last week compared to 30 the week prior.

The preliminary clearance rate in Perth currently sits at 34.8%.

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