Auction market bounces back

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Australia's auction market was back on track this week as it recorded a preliminary clearance rate of 77%, higher than last week's final rate of 70%, figures from CoreLogic show.

There were 1,529 homes taken to auction across the combined capital cities this week. However, this was slightly lower than last week's 1,615.

On an annual basis, the auction activity this week went down from 1,916 during the same time last year. However, the current clearance rate was significantly higher, up from 55.3%.

"The final clearance rate across the combined capitals has held at or above 70% for the last three weeks and this week is set to be no different," said CoreLogic researcher Caitlin Fono.

Also read: Property Listings Jump In August

Melbourne was the busiest of the state capitals, recording the highest auction volume at 769, one home higher than last week. The city recorded a clearance rate of 76.6%, the second-highest amongst all capital cities.

Sydney remained the strongest market in terms of clearance rates — of the 522 auctions, 83.1% were successful. Over the previous week, the city's final clearance rate sat at 74.5%.

The table below shows how each capital city performed this week in terms of clearance rates and auction volumes:

Top Suburbs : balga , springwood , emerald , newcastle , narara

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