Capital cities recorded strong preliminary clearance rates for the week ending 24 August, according to CoreLogic.
Homes taken to auction across combined capitals climbed to 1,412 for the week, returning a preliminary clearance rate of 79.6%. During the same week last year, 1,915 homes were taken to auction, only returning a 54.6% clearance rate.
In Melbourne, 665 homes were taken to auction for the week ending 24 August, returning a preliminary clearance rate of 79.7%. It was the fifth consecutive week in which the cities’ clearance rate was above 70%.
Sydney had 500 homes taken to auction for the week ending 24 August, returning a preliminary clearance rate of 84.7%—the highest preliminary clearance rate the city has seen since February 2017. A year ago, 721 auctions were held in the capital city, only returning a clearance rate of 53.2%.
Meanwhile, Brisbane saw lower auction volumes week-on-week. Adelaide, Canberra, and Perth recorded an increased number of homes taken to auction over the week ending 24 August.
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