Australia’s capital cities have returned the highest combined clearance rate in a month, but the result should be taken with a grain of salt after auction volumes experienced their annual downturn.
According to CoreLogic RP Data, the preliminary combined capital clearance rate for last week was 78.1%, the highest it’s been since the first week of June, but auction volumes were significantly down due to a combination of the winter weather and school holidays.
The lower volumes saw Sydney’s clearance rate receive a slight bump, with a preliminary rate of 84.5% recorded from 711 auctions, compared to the preceding week’s 82% from 896 auctions.
Conditions in NSW capital continue to outstrip where they were this time last year when Sydney saw a clearance rate of 72.4% from 597 auctions.
Sydney’s strongest performing sub-region last week was the Sutherland region, where 92.8% of reported auctions were successful, followed by the Inner South West (92.1%), and the Baulkham Hills and Hawkesbury region (91.6%).
Melbourne on the other hand saw a dip in its clearance despite auction volumes dropping by almost half.
The Victorian capital’s clearance rate for last week was recorded at 76.7% from 617 auctions, down from the previous week’s 78.5% from 1,007 auctions.
Melbourne’s sub regions had a varied weekend, the Outer East region led way with a clearance rate of 93.7%, while the next best was the Inner East with 85.7%.
Brisbane saw a marked increase in its clearance rate, up to 68.9% from 46.2% the previous week while the number of auctions fell from 140 to 113.
had perhaps the best performance of the week, with its clearance rate jumping from 69.9% to 75.4% despite almost no change in the number of auctions in the city.
had a down week, with only 20% of its auctions proving to be successful, down from 68% for the preceding week and the 50% seen this time last year.
Canberra returned a clearance rate of 75% from its 57 auctions.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out