Small clearance rate increase for capital city auctions

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Australia’s capital cities have combined for a preliminary clearance rate of 77.7% from the 1,998 auctions held last week.

The figures from CoreLogic RP Data show last week’s preliminary result is higher than the year-to-date weekly average of 76.9% and an increase on the previous week’s 75.4%.

Sydney was the nation’s leading city for the week, notching the highest preliminary clearance rate of 82.7% up from the previous week’s 79.7%.

While the result snaps a two-week stretch of clearance rates below 80% for Sydney, the figures show the auction market in the harbour city is continuing on the downward trend from its peak in August.

Pockets of the city are still continuing to be popular with buyers with the Ryde, Eastern Suburbs, Inner West and City and Inner South sub-regions all recording clearance rates of above 90%.

Melbourne also saw a slight increase in its clearance rate over the week, with a preliminary result of 76.5% compared to the previous week’s result of 76%.

The Victorian capital had three sub-regions break the 80% clearance rate mark, with the Outer East at 89.0%, the North West at 82.5% and the North East at 82.2%.

It was a good week for sellers in Brisbane, with the city recording a preliminary clearance rate of 66%, the highest since 2009.

That result was up from the previous week’s 60.2% and the 44.7% seen for the same week last year.

Adelaide saw its clearance rate take a week-on-week dip, last week recording a preliminary result of 60.6%, down from the previous week’s mark of 64.3%.

Canberra also saw a small week-on-week decrease in its rate, with a preliminary result of 80%, down from 82.5%.

Perth’s clearance rate continued to be ever fluctuating, rebounding to a preliminary result of 80% for last week after finishing at 18% for the previous week.

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