The combined capital city preliminary clearance rate increased to 70.3 per cent this week, up from last week, when the final results saw the clearance rate fall to 66.5 per cent, the lowest clearance rate since June 2016. Auction clearance rates have been trending lower since reaching a peak at the end of February 2017 when the combined capitals clearance was recorded at 78.4%.
Considering the easing trend in clearance rates, as well as the fact that preliminary rates generally revise lower as more results flow through, it will be interesting to see how this week’s preliminary result compares with the final clearance rate which will be published on Thursday. Auction volumes were lower this week with 1,984 homes taken to auction across the combined capital cities, down from 2,355 last week however significantly higher than this time last year when auction volumes were quieter due to the Federal Election when only 841 homes were taken to auction. Melbourne had the highest number of auctions this week, with 866 properties going to market, followed closely by Sydney with 832 homes going under the hammer.
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