Clearance rates on the up despite long weekend

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It was another strong week for auction results across the country’s capital cities, with preliminary results showing a national clearance rate above 79%. 

Figures from CoreLogic RP Data show that last week 79.2% of homes up for auction in capital cities saw a successful result, up from 78.5% over the previous week and 60.6% for the same weekend last year. 

While the clearance rate was up, the long weekend affected auction volumes with only 1,155 held last week, compared to 2,792 for the previous week. 

Sydney led the nation in terms of both clearance rate and auction volumes. 

There were 573 auctions in Sydney last week with a preliminary clearance rate of 90.1% after 464 results. 

The long weekend hit Melbourne especially hard in terms of volumes, with only 302 auctions in the Victorian capital last week, but it still had a strong result with a preliminary clearance rate of 79.4%

Brisbane ended with a preliminary rate of 52.2% from its 129 auctions, while 69% of Adelaide’s 61 auctions were successful. 

Sixteen clearances gave Canberra a clearance rate of 84.2%, while Perth finished with a 38.1% clearance rate from 47 auctions. 

In Tasmania, two of the five houses up for auction were sold. 

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