Auction markets post solid results for spring's opening week

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Australia’s auction markets have opened spring with a solid, but not spectacular week of results.

According to figures from CoreLogic RP Date, the nation-wide preliminary clearance rate sits at 74.9%, up from the previous week’s 73.4%.

Melbourne was the busiest market last week with 998 auctions being held and the Victorian capital saw its clearance rate take a small hit, with the city’s preliminary clearance rate sitting at 76.2%, compared to the previous week’s 76.7%.

Of the nine Melbourne sub-regions, the strongest performer was the Outer East with a clearance rate of 81.3%.

Things were different in Sydney however, with the city posting a preliminary clearance rate of 78% last week, rebounding from the 75% it recorded the previous week; the city’s lowest result this year.

North Sydney-Hornsby was the busiest sub-region of Sydney last week for auctions, with 154 homes taken under the hammer. Based on preliminary results, the region recorded a healthy 83.6% clearance rate, with only two other sub-regions recording a higher result; Inner West (88.6%) and Eastern Suburbs (84%).

Adelaide also had better week last week, with its preliminary clearance rate sitting at 74% compared to last week’s final result of 54%.

Brisbane experienced a dip in its results, the Queensland capital posting a preliminary result of 50.6%, almost 4% lower than the previous week’s results.

It was a similar story in Canberra, with the city recording a preliminary clearance rate of 65.4% compared to the previous week’s 69.8%.

In Perth, five of the seven reported auctions resulted in sales, while Tasmania recorded no sales for the week.

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