Another strong week of auctions

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Australia’s capital cities have had another successful week of auctions, with figures showing a clearance rate above 77% for last week.

Analysis from CoreLogic RP Data shows capital cities last week combined for a clearance rate of 77.7% from 1,803 reported results, an increase from the preceding week’s rate of 75.9%.

The rate is also much higher than what was seen this time last year, when a clearance rate of 65.9% was recorded.

Sydney again led the way with the nation’s strongest clearance rate, with a preliminary result of 83.9%, a slight increase on the 83.4% recorded the previous week.

Sydney’s auction volumes were also up, with the number of homes take to auction up to 847 from 816 the previous week.

Across the individual sub-regions of Sydney, the strongest performance this week was recorded across the Ryde region, with 45 results reported and a clearance rate of 88.8%.

Following on from this, the Eastern Suburbs, City and Inner South, Baulkham Hills and Hawkesbury and Inner West regions all recorded a clearance rate of above 87%.

Melbourne also saw a strengthening of its clearance rate, with last weeks’ preliminary rate up to 79.2% from 77.7% the week before.

For the week the strongest clearance rate across Melbourne was recorded in the North East sub region, where 88.7% of the 89 auctions reported were successful.

In Brisbane, 122 homes were taken to auction and the Queensland capital returned a clearance rate of 55.4%.

That result is a marked increase from the preceding week’s clearance rate of 45.5% and the 32.2% recorded for the same week last year.

In Adelaide a clearance rate 62.3% was recorded, while the Gold Coast returned a rate of 47.2%.

Perth had the nation’s lowest clearance rate with result of 26.3%, while Canberra’s auctions resulted in a clearance rate of 67.5%.

There were 12 Tasmanian auctions across the week and currently six results have been reported with five transactions.

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