Melbourne and Sydney auction clearance rates continue to exceed 70%: CoreLogic

Melbourne and Sydney auction clearance rates continue to exceed 70%: CoreLogic
Melbourne and Sydney auction clearance rates continue to exceed 70%: CoreLogic

The combined capital city preliminary clearance rate increased this week, up from last week’s final of 73.6% to 77.5%, with auction volumes also showing an increasing trend over the week, according to CoreLogic's latest weekly report.

The property advisory firm says that there were 2,843 auctions held across the combined capital cities, up from last week’s 2,517.

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Melbourne and Sydney auction clearance rates continue to exceed 70%: CoreLogic

However, auction volumes continue to track lower than the corresponding period last year when 3,274 auctions were reported with a lower rate of clearance (62.3%).

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Melbourne and Sydney auction clearance rates continue to exceed 70%: CoreLogic

The two largest auction markets, Melbourne and Sydney, continue to skew the capital city weighted average higher, with both cities consistently recording an auction clearance rate higher than 70% throughout spring, despite a substantial reduction in the number of auctions compared with last year.

Late November and early December have historically shown the highest number of auctions.

As the number of auctions trends higher over the coming weeks, the larger stock levels will provide a timely test of the auction markets strength, according to CoreLogic.

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Melbourne and Sydney auction clearance rates continue to exceed 70%: CoreLogic

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Sydney Corelogic

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