An increase in auction volumes across Australia was seemingly attractive to buyers last week, with early results showing a week-on-week improvement in the national clearance rate.
Figures from CoreLogic RP Data show that the preliminary national auction clearance rate sits at 72% from 2,903 auctions last week, compared with the final clearance rate of 68.2% from 865 auctions held in the previous week.
For the corresponding week last year, a final clearance rate of 67.8% was recorded from 2,408 auctions.
Melbourne was the nation’s busiest city last week, and has so far returned the highest clearance rate of any capital city. The city had apreliminary rate of 74.1%, with 1,169 of 1,358 scheduled auctions reported.
Over the previous week, Melbourne’s final auction clearance rate was 73.1%, while 12 months ago it was 70%.
Melbourne’s Inner Region was the city’s busiest sub-region with 259 auctions, while the South East was the strongest performer so far, with a preliminary clearance rate of 79.1%.
In Sydney, the current preliminary clearance rate stands at 72.8%, with 773 results from the 1,141 scheduled auctions reported.
The preliminary rate currently sits higher than last week’s final result of 69.9% and the 71.9% recorded 12 months ago.
So far three Sydney sub-regions have reported strong results, with the preliminary clearance rates in the Northern Beaches, Eastern Suburbs and City and Inner South all currently above 80%.
Adelaide has also seen an increase in its preliminary clearance rate, hitting 74% compared to the previous week’s final result of 67.7%.
The South Australian capital last week held 124 auctions compared to just 33 the previous week.
Brisbane has also seen an uptick in its preliminary rate, recording a marginally higher preliminary rate (59.4%) than the previous week’s final result (59.1%).
Perth’s preliminary clearance rate of 41.2% is lower than its final rate of 44.4% from the previous week, while Canberra’s preliminary rate is at 63.6%.
In Tasmania, one successful auction result has been reported.