Sydney leads the way: RP Data's weekend auction wrap

A preliminary weighted average clearance rate of 71.1% was recorded this week across capital cities compared to 69.3% last week and 70.3% this time last year.

With volumes low in Melbourne due to the Melbourne Cup the main activity in the auction market was in Sydney which had its eighth week with over 1,000 auctions for the year and continued to record above trend results.

The Sydney market continues to strengthen with a preliminary clearance rate of 78.5% recorded compared to 74.8% last week and 75% last year. The improving trend is apparent over the medium term as well with a citywide clearance rate the first ten months of the year of 75.1% compared to 72.5% a year ago.

In Melbourne there was a preliminary clearance rate of 68.2% recorded compared to 71% last week and 70.8% this time last year. From a clearance rate perspective the Melbourne market is marginally down on a year ago with a year to date clearance rate of 68.9% compared to 69.6%.

In Brisbane a preliminary clearance rate of 47.3% was recorded compared to 46.3% last week. The Brisbane auction market is stronger than a year ago with a clearance rate of 46.3% compared to 41.2%.

Adelaide recorded a clearance rate of 61.5% compared to 56.5% last week.