Clearance rates reach two-year high

By Ericka Pingol | 21 Aug 2019

Capitals across the country experienced their highest initial clearance rates in more than two years, according to CoreLogic.

The week ending 17 August had 1,221 homes for auction, recording a 76.7% clearance rate, CoreLogic said.

Melbourne had the strongest performance, with a clearance rate of 78.3% from 588 auctions, CoreLogic said.

Sydney had a clearance rate of about 81.7% from 444 homes and apartments for auction in the week ending 17 August, according to CoreLogic.

The continued warm weather means buyers are coming out, with listings also rising. However, it is unclear how many people are getting prepared to bid in anticipation of more properties entering the market, said Kevin Brogan, a CoreLogic auction market commentator.

"That (the number of people) is exactly the parameter we are going to be looking for to establish the depth of demand and the resilience of the market to the additional supply,” said Brogan.

In the smaller markets, more homes were taken to auction in Brisbane, while Adelaide, Perth, Canberra, and Tasmania had fewer, CoreLogic said.

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