More subdued auction activity across the capitals

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The combined capital city preliminary clearance rate rose to 67.3% this week and auction activity across the capitals was significantly lower, according to the latest data from CoreLogic.

There were 1,721 auctions held across the combined capitals this week, which is significantly lower than the 3,026 held in the previous week, although higher than one year ago (1,473 auctions). CoreLogic attributed the drop in auction volumes this week to the fact that four of the eight states and territories had a public holiday on Monday.

“The preliminary clearance rate across the combined capital cities rose to 67.3 per cent this week, up from 63.6 per cent last week, although this will revise as more results are collected over the week,” CoreLogic said. “Over the same week last year, the clearance rate was recorded at 75.1 per cent.”

Sydney and Melbourne saw their preliminary clearance rates rise, with Sydney at 66.6% across 936 auctions and Melbourne at 72.2% across 447 auctions. The highest clearance rate was recorded in Canberra, where 77.6% of auctions cleared over the week.

“Looking at results by property type, units outperformed houses again this week with 70.0 per cent of units selling at auction, while 66.0 per cent of houses sold across the combined capital cities,” CoreLogic said.

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