According to CoreLogic, the preliminary clearance rate rose this week, up from last week’s 67.9 per cent to 73.9 per cent.
The level of activity across the capital city auction market also increased this week, with 1,585 auctions held compared to 1,329 auctions last week. Despite the week-on-week rise in activity, the number of auctions held this week continues to track lower than the corresponding week last year when 1,903 auctions were held, however, the difference in clearance rate (74.6 per cent) was minimal. In general, winter is typically a quieter season for auctions prior to the ramp up in Spring, and over the past nine weeks, the volume of auctions held across the combined capitals has been around 20 per cent lower than what was seen over the comparable time frame last year, largely driven by less properties being taken to auction across the Sydney market, despite the ongoing strength in the clearance rate.
