Another strong week of auctions as the preliminary clearance rate pushes into the high 70s

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Australia’s auction market has had another strong week with its clearance rate currently sitting at 77%.

The preliminary rate of 77% comes from the 1,790 auction from last week that have been reported so far, and the final rate for the week is likely to be higher than the previous week’s result of 74.6% according to figures from CoreLogic RP Data.

The nation’s biggest auction market, Melbourne, had another strong week with a preliminary clearance rate of 78.6%, which is currently slightly up the previous week's 78.2%.

Across Melbourne there were three sub-regions that have recorded a preliminary clearance rate above 80%; Inner Melbourne (80.5%), Inner East Melbourne (81.1%) and Outer East Melbourne (85.6%).

Sydney’s preliminary clearance rate currently sits at 77.8%, meaning the city is likely to see an increase on the final result from the previous week of 76%.

The number of auctions across the city was much higher last week (1,008) than the previous week's (825) and substantially higher than at the same time last year when just 530 homes went to auction.

Sydney’s strongest performing sub-regions for the week were the Northern Beaches and Inner West, which both recorded clearance rates of over 93%.

Brisbane has so far seen an increase in its clearance rate, with the preliminary mark sitting at 61.8% compared to last week’s 57.9%.

Last week was a strong one for Adelaide with a clearance rate so far of 81.4% from the reported results.

A final rate around that mark would represent a significant increase on the previous week when the final rate was 67.7%.

Canberra’s preliminary rate also sits above the 80% threshold at 81.1%, while Perth sits at 44%.

Six of the seven reported Tasmanian auctions have resulted in sales.

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