Auction market continues show strength

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A surge in auction volumes resulted in a slight fall in the national clearance rate last week according to analysis from CoreLogic RP Data.

After just over 550 auctions were held across Australia over Easter, volumes rebounded last week to see 1,543 homes go under the hammer last week.

Currently the preliminary clearance rate sits at 67%, which represents a decrease on the 70.9% recorded on the back of the low Easter volumes.

Sydney was the nation’s busiest market last week, with the harbour city holding 648 auctions.

The preliminary clearance rate in the New South Wales capital currently sits at 70.9%, the second highest mark for the week across Australia.

The City and Inner South was Sydney’s best performing sub-region last week, with a preliminary clearance rate of 94.1%, while Parramatta was the worst at 28%.

In Melbourne, last week saw 567 residential auctions, the second week in a row where Sydney has topped the Victorian capital.

Melbourne’s preliminary clearance rate currently sits a 68%, down from the 71.4% it recorded last week.

Last week’s strongest performing Melbourne sub-region was the Inner East with a preliminary clearance rate of 74.4%.

In Brisbane last week 140 auctions were held, nearly tripling the 48 held the previous week.

The clearance rate in the Queensland capital has also risen, with the preliminary rate sitting at 57% compared to the previous week’s 45%.

The highest clearance rate for last week is currently found in Adelaide, with the South Australian capital holding a preliminary rate of 75.4%.

The previous week saw Adelaide’s clearance rate finalise at 66.7%.

Last week saw Perth hold 37 auctions, well up from the six it held over the Easter weekend.

The preliminary clearance rate currently sits at 37.5%.

In Canberra, the preliminary clearance rate currently sits at 52.3%, down from last week’s final mark of 58.3%.

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