Auction market holds up in face of elevated volumes

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Australia’s auction market has returned a respectable result from what was easily its busiest week so far this year.

As is traditional, the week preceding Easter saw a huge surge in Auction volumes, with 3,519 auctions held last week according to CoreLogic RP Data, compared to the 1,488 held the previous week.

The rise in volumes also bought about an increase in the national clearance rate, with the preliminary rate sitting at 71.2%, compared to last week’s 64.9%.

Melbourne was the busiest individual market last week, holding a total of 1,784 auctions, the most it has held since the last week of November 2015.

The city’s preliminary clearance rate currently sits 72.3%, up from the final mark of 68.6% it recorded the previous week.

Across Melbourne’s sub-regions last week, the Inner-City was the strongest, with a preliminary result of 78.6%, followed by the North East at 74.7% and the Inner East at 74.5%.

In Sydney, there were 1,103 auctions last week, up from the 729 it held the previous week.

Sydney also saw its clearance rate rise, with the preliminary rate currently sitting at 75.5%, compared to the previous week’s 71.2%.

North Sydney was both Sydney’s busiest and best performing sub-region, with it holding 182 auctions last week and returning a preliminary clearance rate of 84.7%.

After holding 152 auctions the previous week, Brisbane held 281 auctions last week, the most it has held in single week since 2014.

The Queensland capital returned a clearance rate of 55.8% last week, a solid increase on 38.5% it recorded the week before.

In Adelaide, the preliminary clearance rate sits at 68.9% from 144 auctions, an improvement on the previous week’s 51.6% from 96 auctions.

Canberra held 119 auctions last week, with its preliminary clearance rate currently at 76.3%.

For the previous week, Canberra’s clearance rate came in at 77.8% from 37 auctions.

In Perth, 79 auctions were held, with the preliminary clearance rate currently sitting at 45%.

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