Sydney and Melbourne results keep clearance rate high

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It was business as usual on the auction front last week as Sydney and Melbourne again led the nation with the highest clearance rates.

According to preliminary figures from CoreLogic RP Data, the two cities both returned clearance rates higher than the nation-wide rate of 77.8%.

Sydney continued its strong run of strong clearance rates, returning a preliminary rate of 86.5% from 621 auction results.

The rate means the city continues its run of clearance rates, with Sydney’s weekly clearance rate having been above 85% since the third week of April.

While still above the 85% mark, Sydney’s rate for last week was slightly down from the preceding week’s 88.7%.

Six Sydney sub-regions sub-regions returned a preliminary clearance rate come in above 90%.

The preliminary clearance rate for Melbourne was recorded at 78% for the week, down from the preceding week’s 80.3%.

The week-on-week fall clearance rate fall is likely explained by an increase in auction volumes; last week Melbourne hosted 918 auctions compared to 315 in the preceding week.

The strongest clearance rate for any individual Melbourne sub-region this week was 92.6% across the Outer East region where 50 auctions were scheduled and 41 results have been reported.

Brisbane saw an increase its clearance rate over the week, up to 51.2% from 48.5%.

Volumes in the Queensland Capital were only slightly up, with 132 homes take to auction last week compared to 130 the week before.

Adelaide saw its clearance rate take a dip, down from 71.2% to 60.4% over the week.

For Perth, the number of homes taken to auction this week fell from 48 last week to 29 and the preliminary clearance rate was recorded at 30.8% across 13 results.

Canberra’s preliminary clearance rate was 70.0% across 30 auction results.

In Tasmania, 6 homes were taken to auction this week, with 1 sale recorded so far.

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