Despite a week-on-week improvement, Australia’s auction market has continued it’s relatively subdued run.
According to CoreLogic RP Data’s figures, the preliminary clerarance rate from last week’s 1,667 auction currently sits at 68.6%.
That is higher than the 67.1% recorded during the previous week; however it marks the third consecutive week where the national clearance rate has not broken the 70% barrier.
The busiest market in the country las week was Melbourne, with the Victorian capital holding 882 auctions.
From that number Melbourne’s preliminary clearance rate currently sits at 71.7%, which is slightly lower than the previous week’s final result of 73.2%.
The Inner City was the busiest sub-region in Melbourne last week, where 170 homes went under the hammer for a preliminary clearance rate of 73.5%.
Sydney has recorded a preliminary clearance rate of 69.7% this week across 457 auctions, compared to a low of 67.1% last week and a substantial difference from 87.0% one year ago.
The corresponding week 12 months ago was the 11th straight week Sydney’s auction market recorded a clearance rate of 80% or above.
Last week’s top performing Sydney sub-region was the Eastern Suburbs with a clearance rate of 87.0%, followed by Sutherland (84.2%) and North Sydney and Hornsby (80.4%).
Brisbane held 145 auctions last week, with the city’s preliminary clearance rate currently at 53.5%.
The previous week saw the Queensland capital record a clearance rate of 47.7% from 160 auctions.
, 99 homes went under the hammer last week compared to the 75 that did so the week prior.
The preliminary clearance rate in Adelaide currently sits at 66.7%, up from the previous week’s 63.6%.
, 30 auctions were held with the preliminary clearance rate at 28.6%, while Canberra’s preliminary clearance rate currently sits at 71.9%.
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