A rise in the number of homes taken to auction last week returned a higher preliminary clearance rate across the capital cities.
Weekly data released by CoreLogic showed that 1,090 homes went under the hammer last week, considerably higher than the previous week’s total of 657, returning a preliminary clearance rate of 71.5% in comparison with 69.3% the week prior.
The bulk of the volume, as usual, was in Sydney, where 754 scheduled auctions returned a preliminary clearance rate of 73.1%, up from the previous week’s figures when 435 homes returned a marginally high preliminary clearance rate of 73.2%.
Melbourne’s auction market is unsurprisingly still stuttering, with only 60 homes scheduled to go under the hammer. Despite the slight increase in volume on the week prior, in comparison with this time last year’s figure, 974, it makes for grim reading for the city’s auction market.
Last week a preliminary clearance rate of 59.6% was recorded in Melbourne, slightly down on the week priors 63.3%. Almost one third of reported auctions in Melbourne last week were withdrawn.
Despite Brisbane and Adelaide posting improved figures, Canberra continues to lead the way across the remaining capital cities, with 96 scheduled auctions returning an impressive preliminary clearance rate of 79.5%.