According to CoreLogic Australia, the preliminary capital city clearance rate rose last week, reaching 74.4%, up from 72.7% the previous week.
“The combined capitals preliminary clearance rate has consistently held above 71% through the year to-date, with a low of 71.1% in the last week of March to a high of 76.2% over the week ending February 11th,” said Caitlin Fono (pictured above), research analyst at CoreLogic.
Sydney, and Melbourne both saw preliminary clearance rates in the early 70% range. Sydney recorded a 73.8% clearance rate, while Melbourne posted 72.7%. Finalised rates in Melbourne have been notably lower, consistently below 63% over the past four weeks, whereas Sydney’s final rates have fluctuated in the high 60% to low 70% range.
Adelaide continued to outperform other smaller auction markets with a strong early clearance rate of 86.5%, closely following the previous week’s 87.8% which revised down to 84.4%. Brisbane and Canberra also showed solid performances with preliminary rates of 75.0% and 67.7%, respectively.
CoreLogic figures showed that the pace of property value growth reflected the auction clearance trends, with Sydney’s property values increasing by 0.4% over the past four weeks. In contrast, Melbourne’s property values remained virtually unchanged, showing a slight decline of 0.1%.
Despite a seasonal post-Easter dip in auction numbers, with 1,888 properties going under the hammer last week, the market is maintaining a steady pace.
“This was the lowest number of weekly auctions held since the week ending February 11,” Fono said.
Approximately 1,900 properties are scheduled for auctions this coming week, indicating a slight increase in activity, CoreLogic reported.
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