Auction market starts winter strongly

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Buyers did not seem to put off by the wet start to winter last week, with the Australian auction market turning in another week of solid results.

Early figures from CoreLogic put the preliminary national clearance rate at 70.4% from the 1,953 auctions held across the country last week.

The previous week saw the national clearance rate finalise at 6.7.7%.

So far Sydney has returned the strongest clearance rate, with the preliminary mark in the city sitting at 76.7% compared to the previous week’s 73.2%.

Last week saw Sydney hold 654 auctions, while the previous week saw 811 homes go under the hammer.

The City and Inner South was Sydney’s best performing sub region last week, with its preliminary clearance rate sitting at 85.7% followed by Ryde at 85 per cent and Eastern Suburbs at 84.9 per cent.

The suburb of Strathfield was home to the most expensive sale of the week, with a house selling for $5.7m.

Melbourne was the busiest auction market last week, with the Victorian capital holding 959 auctions laws week and returning a preliminary clearance rate of 71.4%.

That mark is relatively consistent with the result from the previous week which saw the final clearance rate come in at 71.5%.

The Inner South was home to the highest clearance late last week with a preliminary clearance rate of 79.2%, while the lowest result was seen in the South East at 60.6%.

Last week saw Brisbane hold 129 auctions, with its preliminary clearance rate coming in at 55.4%.

That is a significant increase on the previous week’s result of 41.7%.

Adelaide’s preliminary clearance rate currently sits at 67.2% for last week, up from the 52.6% recorded the week prior, which was the second lowest rate recorded in the city this year.

Ninety-eight auctions were held in Adelaide last week.

Canberra’s preliminary clearance rate currently sits at 48.6%, a significant fall from the 70.5% that was recorded the previous week.

Perth’s preliminary clearance rate currently sits at 30%, only slightly down on the previous week’s 30.6%.

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