Corelogic says 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. Auction activity fell slightly this week, with 1,444 homes taken to auction, compared to 1,540 last week. Last year, the auction clearance rate was recorded at a similar level, at 74.6 per cent, however the number of auctions was substantially higher, with 2,118 held. Sydney’s preliminary clearance rate broke the 80 per cent mark this week, with 81.6 per cent of auction results collected so far being positive, while Melbourne was virtually at an 80 per cent clearance rate (79.9 per cent) based on the early results.
