Volumes fall as clearance rate rises

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It appears Easter eggs weren’t the only thing people were hunting for over the weekend, with Australia’s auction market producing a solid result over the long weekend.  

While figures from CoreLogic RP Data show it was a subdued week in terms of volumes with only 533 auctions held, the auction market has returned a rather respectable result as the preliminary national clearance rate sits at 69.5%.

The previous week’s clearance rate came in at 68.8%, however there was a significantly larger volume of auctions.

Sydney was by far the busiest city last week, with 332 homes going under the hammer.

The preliminary clearance rate in the New South Wales capital currently sits at 77.4%, which is the second highest mark for any city.

In Melbourne the preliminary clearance rate currently sits at 74.1% after the city held 79 auctions over the weekend.

Adelaide saw only 31 auctions last week, with the South Australian capital currently holding a preliminary clearance rate of 66.7%.

Brisbane held 45 auctions last week and the city’s preliminary clearance rate currently sits at 38.5%.

Perth currently holds the nation’s preliminary clearance rate at 80%, however the city did hold only six auctions last week.

Volumes are expected to pick up again this week after the Easter fall, with CoreLogic already tracking in excess of 1,400 auctions.  

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