Across the combined capital cities, the auction clearance rate rose to 78.8 per cent last week, from 74.8 per cent the previous week. The number of homes taken to auction, however, fell to just 487 across the capital city markets, with Sydney host to the majority of auctions last week (275). Preliminary results for Sydney show that 82.4 per cent of reported auctions (187) were successful, the strongest clearance rate for the city this year; however it is likely that this will revise down as further results are captured over the coming days. In Melbourne, traditionally the country’s largest auction market, there were just 99 auctions held last week, with 55 results reported so far and a clearance rate of 85.5 per cent so it will be interesting to see what happens when the remaining results are obtained.
