Auction market makes it three straight sub-70% weeks

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Despite a week-on-week improvement, Australia’s auction market has continued it’s relatively subdued run.

According to CoreLogic RP Data’s figures, the preliminary clerarance rate from last week’s 1,667 auction currently sits at 68.6%.

That is higher than the 67.1% recorded during the previous week; however it marks the third consecutive week where the national clearance rate has not broken the 70% barrier.

The busiest market in the country las week was Melbourne, with the Victorian capital holding 882 auctions.

From that number Melbourne’s preliminary clearance rate currently sits at 71.7%, which is slightly lower than the previous week’s final result of 73.2%.

The Inner City was the busiest sub-region in Melbourne last week, where 170 homes went under the hammer for a preliminary clearance rate of 73.5%.

Sydney has recorded a preliminary clearance rate of 69.7% this week across 457 auctions, compared to a low of 67.1% last week and a substantial difference from 87.0% one year ago.

The corresponding week 12 months ago was the 11th straight week Sydney’s auction market recorded a clearance rate of 80% or above.

Last week’s top performing Sydney sub-region was the Eastern Suburbs with a clearance rate of 87.0%, followed by Sutherland (84.2%) and North Sydney and Hornsby (80.4%).

Brisbane held 145 auctions last week, with the city’s preliminary clearance rate currently at 53.5%.

The previous week saw the Queensland capital record a clearance rate of 47.7% from 160 auctions.

In Adelaide, 99 homes went under the hammer last week compared to the 75 that did so the week prior.

The preliminary clearance rate in Adelaide currently sits at 66.7%, up from the previous week’s 63.6%.

In Perth, 30 auctions were held with the preliminary clearance rate at 28.6%, while Canberra’s preliminary clearance rate currently sits at 71.9%.

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