Auction market remains upbeat

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Australia’s auction market has put up another resilient showing, with preliminary figures pointing to the national clearance rate coming in at above 70%.

Figures from CoreLogic RP Data show the preliminary clearance rate currently sits at 71.3%, with 2,231 results reported from the total 2,651 auctions held last week.

The previous week saw its clearance rate finalise at 69.7%, with only 1,565 auctions held.

The bulk of last week’s activity was in Melbourne, with the city holding 1,408 auctions.

The Victorian capital currently also holds the nation’s highest clearance rate, with the preliminary mark sitting at 74.2%.

The previous two weeks had seen the city’s clearance rate remain steady at 7.15%.

In Sydney, last week saw the harbour city 799 auctions, making it easily the second busiest market over the week.

Sydney’s preliminary clearance rate currently sits just below Melbourne’s at 74.1%.

The previous week saw Sydney record a clearance rate of 77.4% from 643 auctions, which was the city’s highest result in four weeks.

In Brisbane, the preliminary clearance rate sits at 49.5%, which is a solid recovery from the previous week’s result of 37.6%, the lowest recorded in the city this year.

Last week saw the Queensland capital hold 167 auctions compared to the previous week’s 130.

In Adelaide 129 auctions were held last week, up from 99 the previous week.

The city’s preliminary clearance rate currently sits at 64.4% compared to last week’s final result of 59.5%.

In Perth, 43 auctions were held last week with the preliminary clearance rate at 46.4%, while Canberra’s preliminary clearance rate sits at 67.7%.

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