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Capital city clearance rates are picking up despite a slight dip in auction volumes, with all cities recording rates above 70 per cent in the week ending 3 April 2022.
According to the latest CoreLogic Property Market Indicator Summary, the combined capitals saw their third-highest auction volume of the year, with 3,148 homes taken to auction last week, which resulted in a preliminary auction clearance rate of 70.1 per cent. This compares to the 69.4 per cent preliminary rate recorded a week earlier, following a marginally higher 3,377 auctions, which was earmarked as the second-busiest week of the year to date.
Last year around this time, during the Easter long weekend slowdown, 77.1 per cent of the 845 auctions staged across the combined capitals were successful.
Melbourne and Sydney recorded the highest clearance rates of 69.1 per cent and 68.2 per cent from a total of 1,476 and 1,105 homes auctioned, respectively.
Of the 1,241 results collected so far, Melbourne’s clearance rate slipped 60 basis points from the 69.7 per cent preliminary clearance rate the previous week. Sydney’s clearance rate remained consistent with the previous week’s figures (68.1 per cent), with 68.2 per cent of the 898 results obtained yielding positive results.
Across the other capital cities, Adelaide is reporting a preliminary clearance rate of 86.1 per cent from 194 auctions, Canberra with 72.4 per cent from 149 auctions, and Brisbane is reporting a clearance rate of 71.4 per cent from 208 total auctions.
Six of the 16 auctions held in Perth have had their results collected so far, with four of them being successful, while no auctions were held in Tasmania this week.
CoreLogic research analyst Caitlin Fono has predicted auction activity to pick up next week, saying, “we are expecting auction volumes to rise substantially, with the number of auctions currently scheduled indicating year to date highs in Adelaide, Canberra, Melbourne and Sydney”.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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