Clearance rate takes a dip over the week

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Despite solid results from the two busiest auction markets, Australia’s national clearance rate looks to have moderated over last week.

According to early figures from CoreLogic RP Data, the preliminary national clearance rate currently sits at 65.7% compared to the previous week’s final result of 69.4%.

Last week there were 2,182 auctions across Australia compared to the 2,675 held during the previous week.

Over the corresponding week last 12 months ago there were 2,426 auctions held with the clearance rate coming in at 78.2%

Melbourne last week held 1,135 auctions last week, the second straight week the city has held more than 50% of the nation’s total auctions.

Currently the preliminary clearance rate in the Victorian capital sits at 71.2%, a slight dip on the previous week’s result of 73.5%.

The strongest performing sub-region in Melbourne last week was the Mornington Peninsula, which recorded a clearance rate of 86.4%, while the lowest clearance rate was recorded in the Inner East at 63%.

Last week saw Sydney hold 647 auctions, with the preliminary clearance rate currently sitting at 72.6%.

No further downward revision would see Sydney record a clearance rate of above 70% for a third straight week following the previous week’s 71.7%.

The Eastern Suburbs was Sydney’s best performing sub-region last week with a preliminary clearance rate of 89.1%, followed by North Sydney and Hornsby at 81.5%.

In Brisbane, last week saw 192 auctions up from the previous week’s total of 168.

Brisbane’s preliminary clearance rate currently sits at 43.9%, relatively steady to the previous week’s 43.9%.

In Adelaide, last week saw 94 auctions in the South Australian capital compared to the previous week’s total of 133.

Last week’s preliminary clearance rate currently sits at 59.7% compared to previous week’s final mark of 61%.

Perth’s preliminary clearance rate was 25% this week across 20 results, falling from 48.7% last week. Perth was host to 50 auctions last week and 45 the previous.

Across Canberra, there were 49 auctions held this week and a preliminary clearance rate of 54.5%, down from 59.1% last week when there were 97 auctions held across the city.

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