Sydney heads into the 90s with strengthening auction clearance rate
The national preliminary auction clearance rate sits at 79.2% across the combined capital cities last week, up from 78.5% over the previous week.
There were 1,155 auctions held last week, compared to 2,792 over the previous week given the Queen's Birthday long weekend.
At the same time last year, there were 1,191 auctions held across the combined capital cities and the clearance rate was recorded at 60.6%.
For Sydney, a preliminary auction clearance rate of 90.1% was recorded last week, on reduced volumes, compared to 85.0% the previous week. There were 573 Sydney properties that went to auction last week, compared to 1,149 the previous week.
CoreLogic RP Data reported the first five months of 2015 have proved to be the strongest on record for Sydney with an estimated 85% of all homes taken to auction recording a successful result.
Last week, Sydney’s strongest performing sub-regions were the City and Inner South (97.9%), North Sydney and Hornsby (96.3%), Ryde (96.3%) and Sutherland (96.1%) regions.
Melbourne’s preliminary clearance rate was recorded at 78.4$ last week across 302 auctions, while in comparison, over the previous week the final auction clearance rate was 80.2% across 1,248 Melbourne auctions.
The preliminary auction clearance rate for Melbourne was recorded at 78.4 per cent across 255 results, which is a decrease from the final auction clearance rate last week (80.2%).
At the same time last year, 335 Melbourne homes were taken to auction and the clearance rate was 62.4%.
The Melbourne sub-region with the highest number of auctions this week was the South East, where 49 auctions were held. In terms of clearance rate, the strongest performing region was the Outer East region, with a preliminary clearance rate of 95.5% across 22 results.
It is expected that 2,346 auctions will be held across Australia this week with 1,915 across the capital city markets.