Auction market shows some signs of stability

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Australia’s auction market has shown some signs of stability over the last week according to preliminary figures from CoreLogic RP Data.

According to the figures, 3,226 homes across Australia hit the auction market last week, with the preliminary national combined capital city clearance rate coming in at 63.8%, up from 61.4% from the previous week.

The increase in the preliminary rate came alongside an increase in volumes, with 2,947 auctions being held a fortnight ago.

So far Melbourne is the strongest performing market, with the city’s clearance rate at 69.5% from 1,362 reported auction results.

While that is a slight increase so far on the previous week’s 69%, if there is no movement in the preliminary rate it would mark four consecutive weeks of Melbourne’s clearance rate sitting below 70%.

Across the Melbourne sub-regions, the West (75.2%), Outer East (70.9%), Inner South (70.7%) and Inner-City (70.1%) were the only ones to see their clearance rates push past 70%.

In Sydney, there are early signs the clearance rate may break back past the 60% mark, after falling to 58.4% last week.

The preliminary clearance rate currently sits at 61% from 880 recorded auction results as the city experiences a run of seven straight sub-70% weeks.

Similar to Melbourne, only a small number of Sydney’s sub-regions could manage to break 70%, with only City and Inner South (73.3%), Eastern Suburbs (76.6%) and North Sydney and Hornsby (71.1%) managing the feat.

In Brisbane, signs also point to a better week of results, with the preliminary clearance rate for the Queensland capital sitting at 45.9%, compared to the previous week’s final result of 37.7%.

It’s a similar story in Perth, where the preliminary clearance rate sits at 50%, a marked improvement of the previous week’s final 16.2%.

Results were down in Adelaide so far, with the preliminary clearance rate at 49.4% compared to the previous week’s 58.1%, while in Canberra the preliminary rate is at 66.1% compared to the previous week’s final result of 76.6%.

In Tasmania, six sales have been reported from 10 auctions.

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