National clearance rate of 69.2%: RP Data's auction wrap

A preliminary weighted average clearance rate of 69.2% was recorded this week across capital cities compared to 72.3% last week and 73.1% this time last year.

The capital cities auction market has clearly lifted since winter, primarily due to strong demand in Sydney and to a lessor extent Melbourne.

In Sydney a preliminary clearance rate of 76.9% was recorded compared to 78.4% last week. Volumes continue to rise and are expected to double the lows of winter soon thereby increasing choice for buyers.

In Melbourne there was a preliminary clearance rate of 69.3% recorded compared to 73.4% last week. Spring has started strongly but it is worth noting that due to significant rises in stock levels the auction market shifted towards buyers this time last year after the Grand Final.

In Brisbane a preliminary clearance rate of 41.4% was recorded compared to 48.2% last week. The low clearance rate compared to the larger capital cities masks the improvement, a 75% rise in homes sold at auction, compared to two years ago.

Adelaide recorded a clearance rate of 69.1% compared to 64.3% last week.

In Canberra a clearance rate of 57.8% was recorded and in Perth there was a clearance rate of 52%.