National auction clearance rate lifts, but there's warning signs for Sydney

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Australia’s capital city auction market has rebounded from its lowest clearance rate result in more than three months, but there are still signs that the market is softening.

According to CoreLogic RP Data, last week’s preliminary combined capital city auction clearance rate sits at 75.7%, up from the 74.7% recorded the previous week which was the lowest since early March.

The increase in the national result wasn’t seen in Sydney, with the city recording its fourth straight week of clearance rates below 80%.

Sydney’s preliminary result for last week sits at 78.8%, down from the 79.9% from the previous week despite a marked decrease in auction volumes.

The Blacktown sub-region of Sydney has shown the strongest performance last week, with 94.4% of the 18 reported results selling, with 2 remaining results yet to be collected.

Across Melbourne, last week’s preliminary clearance rate was recorded at 78.6%, up from a recent low of 75.7% from the previous week.

The increased clearance rate was likely aided by a drop in volumes, with only 760 auctions taking place last week compared to the 918 for the preceding week.

The Outer-West was Melbourne’s best performing sub-region for the week, with its preliminary clearance rate currently sitting at 93.8%.

Adelaide had a solid increase for its clearance rate, with the city recording a preliminary result of 71.9%, up from 58.9% from the previous week.

Canberra also recorded an increase for its clearance rate, with its preliminary result coming in at 79.2% after a final result of 68.8% for the previous week.

Brisbane had a somewhat smaller increase, with its clearance rate moving up to 60.6% last week from the previous 54%.

Of the 6 Tasmanian auction results reported for last week, 2 sales have been recorded.
 

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