Auction market hits slight moderation

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The recent strong run from Australia’s auction market looks to have moderated somewhat, with preliminary figures indicating the national clearance rate looks to have come in below 70% over last week.

According to figures from CoreLogic RP Data, the preliminary national clearance rate currently sits at 68.1% from 2,253 auctions, compared to the previous week’s 71.4% from 2,701 auctions.

If there is upward revision for the preliminary rate, it will be the first time it has dipped below 70% in five weeks.

Over the week Melbourne proved to be the busiest individual market, recording a preliminary clearance rate of 70.6% from 1,218 auctions.

Over the previous week, Melbourne’s clearance rate finalised at 74.8%.

The North East was Melbourne’s top performing sub-region last week, with its preliminary clearance rate sitting at 75.2%

Sydney was the second busiest market last week, with its preliminary clearance rate currently sitting at 68.6% from 684 auctions.

The previous week saw the city record a clearance rate of 72.1% from 919 auctions, while the corresponding week last year saw a clearance rate of 84.2%.

In Brisbane, last week saw both a decline in auction volumes and the city’s clearance rate.

The Queensland capital held 129 auctions last week with its preliminary clearance rate coming in at 52.3% compared to the previous week’s 57.4% from 179 auctions.

In Adelaide, auction volumes fell out of triple figures last week, with the city holding just 99 auctions compared to the previous week’s 121.

The city’s preliminary clearance rate currently sits at 67.6%, which would represent an increase on the previous week’s 64%.

Canberra currently holds the nation’s highest preliminary clearance rate, with the nation’s capital recording a preliminary mark of 71.4% from 83 auctions.

Perth held 29 auctions last week and currently holds a preliminary clearance rate of 18.2%.  

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