Volumes down, but solid week for auction results

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Last week was a solid one for the Australian auction market, with the preliminary national clearance rate sitting at 70.1%, according to CoreLogic RP Data.

That figure is currently higher than the 67.3% recorded during the corresponding week one year ago; however, there was a much lower number of auctions held last week compared to 12 months prior.

In Melbourne, 206 auction results have been reported, with the clearance rate currently sitting at 80.1%, higher than the previous week’s 69.9% from 151 auctions.

One year ago, Melbourne’s auction clearance rate was 60.7% across 255 auctions.

Last week, the inner east was Melbourne’s best performing sub-region, returning a preliminary clearance rate of 93.8%.

In Sydney, last week saw 265 homes go under the hammer, with the city’s preliminary clearance rate at 70.2%, which is down from the 80.6% from 421 auctions 12 months ago.

The south west was Sydney’s strongest sub-region, returning a preliminary clearance rate of 85.7%.

In Brisbane the preliminary clearance rate is at 55.8% across 77 auction results from last week.

The corresponding week 12 months ago saw the Queensland capital record a clearance rate of 47.6% from 109 auctions.

Adelaide’s preliminary clearance rate is currently 79.4%, higher than the previous week’s 61.1% and also higher than one year ago (58.2%).

There were 104 Adelaide auctions last week, 97 the previous week and 94 held over the comparable week last year.

In Perth, last week’s preliminary clearance rate sits at 35%, while in Canberra the preliminary rate sits at 72.9%.

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