National clearance rate starts summer with a dip

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The transition from spring to summer hasn’t put a halt to the auction selling season, after last week saw 3,209 homes across Australia go under the hammer.

The change in seasons didn’t bring about a change in fortune for the national clearance rate either, with preliminary figures from CoreLogic RP Data showing it currently sits at 59.2%, below the previous week’s final mark of 60.1%.

Over the same week last year, 3,507 homes were taken to auction and a clearance rate of 63.7% was recorded.

A nationwide high of 1,603 auctions were held in Melbourne last week, with its preliminary clearance rate currently sitting at 63%.

That mark is currently lower than the 65.9% Melbourne recorded from a record-high 1,876 auctions over the previous week.

For the corresponding week last year, Melbourne recorded a clearance rate of 66% from 1,733 auctions.

Melbourne’s best performing sub-regions last week were the Mornington Peninsula with a clearance rate of 69.4% and North East Melbourne at 68.4%.

In Sydney, the harbour city looks set to see five consecutive weeks with a clearance rate below 60%. Its preliminary rate is currently sitting at 55.6% from 1,051 auctions.

Over the same week 12 months ago, Sydney recorded a clearance rate of 66.1% from 1,294 auctions.

Last week, the Inner West (66.1 %) and the Eastern Suburbs (65.2 %) were Sydney’s best performing subregions, while the Inner City, Inner South, Northern Beaches and North Sydney and Hornsby all managed to break the 60% barrier.

In Brisbane, 200 homes were taken to auction last week, with a preliminary clearance rate of 46.6% recorded.

Adelaide so far has the strongest clearance rate of any city, with its preliminary rate sitting at 70.8%, a marked increase on last week’s final result of 58%.

Canberra has also seen its clearance rate increase, with its preliminary clearance rate sitting at 67.1%, up from the previous week’s 58.3%.

Last week was Perth’s busiest of the week, with it holding 80 auctions; however, its preliminary clearance rate sits at just 36%.

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