National clearance rate up, but Melbourne's results take a hit

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Australia’s combined capital city clearance rate took a slight rebound last week, reaching 77% according to CoreLogic RP Data.

The figure is an increase on the preceding week’s 74.9%, the lowest rate seen since the first week of March.

Sydney led the turnaround with a solid increase on last week’s results.

The harbour city saw 768 homes go under the hammer and returned a clearance rate of 82.6% last week, up from the 78.8% it recorded the previous week, which was the lowest result for the city since January.

Across Sydney, the Inner West (92.7%), Blacktown (90.9%) and Ryde (90.9%) were the strongest performing sub-regions for the week.

Melbourne on the other hand saw its clearance rate drop from 77.4% to 74.9%, which is the lowest result for the city since the middle of February.

The Victorian capital did see an increase in volumes though, with 729 auctions last week compared to 655 for the preceding week.

The strongest performing Melbourne sub-region was the North East region, where 80 results have been reported with a clearance rate of 82.5%.

Brisbane saw a solid week-on-week jump in its clearance rate, up to 65.4% from 52.5%, while Adelaide’s rate climbed to 69.4% from 66.1%.

Perth’s clearance rate fell to 22.2% from the 33.3% it recorded last week, while Canberra had a strong week with a clearance rate of 86.4%. 

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