Auction clearance rate increases to 75%: CoreLogic
Last week’s combined capital city auction clearance rate was recorded at 75.8%, up from 73.6% the previous week, according to CoreLogic’s latest weekly report.
Last week, Melbourne’s auction clearance rate rose from 76.1% to 76.8% while auction volumes increased from 927 to 1,329.
Sydney’s auction clearance rate also rose last week from 78.8% to 81.4%.
The number of auctions was virtually unchanged with 1,089 last week compared to 1,087 the previous week.
The auction markets is the two largest cities have maintained strength throughout pring this year. So far during spring, Melbourne’s clearance rate has averaged 78.8% and Sydney’s 80.9%.
In 2015, the average spring clearance rates were 70.7% and 65.1% respectively. The current market is also stronger than in 2014 when the spring average clearance rates were 70.3% in Melbourne and 74.4% in Sydney.