Auction market makes it two straight sub-70% weeks

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Australia’s auction market looks to have made it two straight weeks with a national clearance rate below 70%.

Despite the fact that auction volumes fell drastically last week thanks to a public holiday in three states, figures from CoreLogic RP Data have shown the preliminary national clearance rate currently sits at only 66.4%. 

Last week there were only 1,426 auctions held across Australia, compared to the 2,304 held the previous week, from which a clearance rate of 68.6% was recorded.

The public holiday meant Sydney was the busiest auction market last weekend, with 680 homes going under the hammer.

The city’s preliminary clearance rate currently sits at 72%, up from the previous week’s 68.7%.

Ryde was Sydney’s strongest performing sub-region, with a clearance rate of 86.2%, followed by the Eastern Suburbs at 85.4%.

In Melbourne there were 414 auctions last week, well down on the 1,269 held in the previous week.

The Victorian capital’s preliminary clearance rate currently sits at 70.5%, which is lower than last week’s 72.1%.

The North West was Melbourne’s best performing sub-region, with a preliminary clearance rate of 80.6%, followed by the Inner South at 79.2%.

In Brisbane, less than half of the auctions held were successful, with the city returning a clearance rate of just 44% from it 151 auctions.

The prior week saw the city post a clearance rate of 50.9% from 133 auctions.

In Adelaide there were 93 auctions last week, with the city’s preliminary clearance rate sitting at 54.2%, down from the previous week’s 65.9%.

Canberra is home to the highest preliminary clearance rate so far at 75%, though it only held 34 auctions.

Perth’s clearance rate currently sits at 46.7% from its 35 auctions last week.

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