National auction clearance rate closes in on 60%

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The softening of Australia’s auction market has again been reinforced, with figures showing the national clearance flirted with 60% last week.

Figures from CoreLogic RP Data show that results were reported last week for 2,288 auctions across the country, with the final national clearance coming in at 61%.  

That figure is down from the previous week’s clearance rate of 64.9% and marks three straight weekly decreases for the national clearance rate.

Last week’s auction volumes were somewhat subdued due to the Melbourne Cup, but they have rebounded this week, with 3,068 auctions scheduled for this week after 2,547 were scheduled last week.

Sydney will again be the nation’s busiest city, with 1,297 auctions scheduled.

Vendors in the harbour city will be hoping for a stronger week this week, after Sydney’s final clearance dipped to 60.2%.

Melbourne is only just behind Sydney in terms of volumes this week, with 1,262 scheduled. This is more than double the amount scheduled during its Melbourne Cup impacted week last week.

Vendors in Melbourne will also be hoping for a better performance this week, after last week’s clearance rate was finalised at 65.6%.

Despite not being the busiest city this week, Melbourne is home to two of the three busiest suburbs in the country.

Mount Waverley will hold 23 auctions and there will be 18 in Glen Waverley, while Sydney’s Mosman will hold 17.

In South Australia, Adelaide will be hosting 151 auctions and vendors will be hoping the city can replicate last week’s results when it returned a national high clearance rate of 71%,

Auctioneers will also have relatively busy weeks in Canberra and Brisbane, with the two cities to hold 127 and 173 auctions respectively, while in Perth 45 homes will go under the hammer.

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