Auction market records another positive week

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Australia’s auction market has returned another week of positive results, with the national clearance rate again rising above the 70% mark.

After finalising at 70.1% over the previous week, preliminary figures from CoreLogic RP Data currently put this week’s clearance rate at 72.3%, only slightly lower than the 74% recorded over the corresponding week one year ago.

The busiest auction market over the weekend was Melbourne, with the Victorian capital returning a preliminary clearance rate of 73.6% from 440 reported auctions.

That mark is currently lower than the previous week’s 77.6%, but it is higher than the 70.9% recorded at the same time last year.

The strongest performing Melbourne sub-region was the Inner East, with a clearance rate of 81.4% across 52 auctions.

Sydney’s preliminary clearance rate currently sits at 78.6% and no downward revision of that figure would give the harbour city its first weekly clearance rate higher than Melbourne since mid-September 2015.

The city’s market is more subdued than it was at the same time last year, when it recorded a clearance rate of 83.3%.

North Sydney and Hornsby was Sydney’s strongest sub-region for the week, posting a preliminary clearance rate of 92.5%.

So far Adelaide is home to the nation’s highest clearance rate, with its preliminary rate sitting at 81.4%.

That mark is currently higher than the previous week’s 70.5% and the 69% recorded for the corresponding week a year ago.

Brisbane’s preliminary clearance rate for last week is 53.3%, which is slightly down on the previous week’s 54%, however somewhat higher than the 49.5% recorded on the same week a year ago.

Perth looks to have had a softer week, with last week’s preliminary clearance rate currently sitting at 25%, down from 35.3% recorded over the previous week.

Canberra’s preliminary clearance rate of 73.3% for last week is relatively consistent with results from the previous week (71.4%) and the same week last year (72.3%).

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