The latest data from CoreLogic confirms that the auction markets continued their strong run last weekend, with the number of auctions recorded at the second highest level this year and clearance rates remaining above 70 per cent for the 20th successive week.
Auction activity does not appear to be slowing through the festive period, with auction numbers reaching the highest level since March earlier this year. There were 3,411 auctions held over the past week, returning a preliminary clearance rate of 74.6 per cent, which is up from last week’s 72.3 per cent and substantially higher than the equivalent period last year (58.2 per cent). The combined capitals clearance rate has been tracking above 70 per cent consistently over the past 20 weeks, with the clearance rate higher than 75 per cent over eleven of the past twenty week’s. The last time the combined capital city clearance rate was tracking over 70 per cent over the given period was in 2009. Across Australia’s two largest markets in Sydney and Melbourne, clearance rates rose this week, with preliminary results showing 77.4 per cent and 80.2 per cent respectively.
