Highest Clearance Rate Since June 2015
Core Logic RPData reported the latest capital city clearance with a very impressive result. The capital city clearance rate continued its upwards trend, with preliminary results showing that 77.8 per cent of reported auctions across the capitals were successful. The strong trend in auction results over recent months has been achieved on falling auction volumes, suggesting the buyer demand is outweighing the supply of homes being taken to auction. Melbourne’s preliminary clearance rate was virtually at an 80 per cent clearance rate (79.9 per cent) based on the early results.
This week, Melbourne will experience fewer auctions across the city, compared with the previous week, down from 724 to 604. Last year, the auction market for Melbourne was busier, where 908 homes were sold. Melbourne Inner sub-region was the busiest, with 115 auctions held this week, 106 reported so far and a clearance rate of 75.5 per cent. On the other hand, the Outer East had the strongest clearance rate at 90.9 per cent across 33 auction results.
Meanwhile, preliminary results show that Sydney has maintained strength across the auction market, with 81.6 per cent of properties selling. Last week 77.5 per cent of Sydney homes were successful at auction and 77.3 per cent cleared over the corresponding week last year. For the past five weeks, auction volumes have remained relatively steady across Sydney, rising slowly, up to 610 this week, from 544 the last week and 509 the previous week. One year ago, 915 Sydney auctions were held. Individually, there was mixed performance across Sydney’s individual sub-regions this week. Clearance rates ranged from a high of 89.4 per cent across the Northern Beaches to a low of 64.3 per cent across the South West.
Source: CoreLogic RPData
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