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The capital city auction markets recorded the highest preliminary clearance rates in over a year, according to the latest data.
CoreLogic revealed that 901 homes were taken to auction over the weekend, returning a preliminary clearance rate of 70.6 per cent. This is the highest clearance rate in over one year.
Further, this follows 847 homes taken to auction the weekend before, recording a clearance rate of 65.4 per cent. This is the first time clearance rates have held above 65 per cent since March last year.
While there are signs of life for the market in these figures, they remain lower than the same time last year.
“Over the same week last year, auction activity was higher, with 1,257 homes taken to auction returning a clearance rate of 57.0 per cent. Melbourne was host to 416 auctions this week, returning a preliminary clearance rate of 70 per cent. In comparison, last week saw 348 homes taken to auction and a final clearance rate of 70.6 per cent was recorded. Over the same week last year, a clearance rate of 59.9 per cent was recorded across 613 auctions,” CoreLogic explained.
Key markets like Sydney recorded a preliminary clearance rate of 81.5 per cent across 303 auctions over the weekend.
“It is likely that the final clearance rate will revise down to around the mid-70s once remaining results are collected. Over the previous week, 72.8 per cent of the 316 auctions were successful, the second week in a row where the final clearance rate held above 70 per cent. One year ago, 407 auctions were held across Sydney, returning a final clearance rate of 55.2 per cent,” CoreLogic said.
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