Auction market continues run of subdued results

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Australia’s auction market looks like it is set for another week with a national clearance rate of below 60%.

According to figures from CoreLogic RP Data, the national clearance currently sits at a preliminary mark of 59.3% from 2,948 auctions.

The previous week saw the national rate finalise at 57.3% from 3,252 auctions, which was the lowest weekly rate since early 2013.

At the same time last year, both auction volumes and the auction clearance rate were stronger, with a clearance rate of 65.5% across 3,511 residential auctions.

The nation’s busiest market last week, Melbourne saw a decline in volumes, which has so far coincided with an increase in its clearance rate.

The Victorian capital held 1,561 auctions last week, compared to the 1,622 it held the week before.

From last week’s auctions, the preliminary clearance rate sits at 65.7%, which if there is no downward revision would represent an increase on the previous weeks 63.3%.

The inner south was Melbourne’s strongest performing sub-region last week, with its preliminary clearance rate coming in at 72.5% from 193 collected results.

Moving north, Sydney seems set for another subpar week of results, with its preliminary clearance rate sitting at 55.2% from the 869 auctions it held last week.

That mark, if it holds up as further results come in, would represent an increase on results from the previous week, when a clearance rate of 52.9%, the lowest since December 2011, was recorded from 1,070 auctions.

For the same weekend last year, Sydney recorded a clearance rate of 69.8% from 1,357 auctions.

Last week, the inner west was the city’s best performing sub-region, with its preliminary clearance rate coming in at 74.6%.

In Brisbane, 126 auctions results have been collected with the city’s preliminary clearance rate sitting at 46%.

Last week’s clearance rate in the Queensland capital finalised at 46%.

In Adelaide, the preliminary clearance rate sits at 51.6% from 151 auctions compared to the previous week’s 60% across 138 auctions.

Canberra looks set for a week-on-week clearance rate fall, with its preliminary clearance rate sitting at 48.6%, compared to the previous week’s final result of 57.5%.

Perth has so far seen an increase in its clearance rate, with it sitting at 40% currently, compared to last week’s final result of 36%.

In Tasmania, two sales have been recorded from 10 reported auctions.

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