National auction clearance rate continues to soften

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Australia’s national combined clearance rate looks to have dropped below 65% for the second straight week.

After the previous week’s final clearance rate came in at 64.9%, figures from CoreLogic RP Data put last week’s preliminary clearance rate at 63.3% from 2,493 auctions.

For the corresponding week last year, the national clearance rate was 68.1% from 2,033 auctions.

For Melbourne, a Melbourne Cup induced drop-off in volumes in  last week, from 1,690 down to 611, didn't coincide with an increased clearance rate.

After a recording a final clearance rate of 69.7% for the previous week, the Victorian capital’s preliminary rate sits at just 65.4%.

Across Melbourne’s sub-regions, the North East was the best performer, with a preliminary clearance rate of 74.6%, followed by the Inner South with 72.9%.

Sydney held 1,361 auctions last week, and so far signs point to a weekly clearance rate increase, with the preliminary rate sitting at 63.5% after the previous week’s rate finalised at 61.3%.

That result is still significantly lower than the results seen at this time last year, when a clearance rate of 75.6% was recorded from 1,259 auctions.

Last week, the Inner City and Inner South were Sydney’s strongest sub-regions, with both recording preliminary clearance rates of 73.9%.

Brisbane looks like it too has seen a weekly improvement, with its preliminary clearance rate at 58.2% after the previous week’s final rate was 48.8%.

In Perth, the preliminary clearance rate is at 55.6%, compared to the previous week’s final rate of 25.9%, while Canberra’s preliminary clearance rate is 68.7%.

Adelaide’s preliminary clearance rate sits at 58.1% for last week, after it was the strongest performer nationally with a final rate of 70.3% over the previous week.

In Tasmania, two sales were recorded from six reported auctions.

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