Auction market stable across capital cities: RP Data's national auction wrap

A preliminary weighted average clearance rate of 66.6% was recorded this week across capital cities compared to 65.5% last week and 66% this time last year.

A medium term review of the national auction market shows stable performance after a period of appreciation in 2013 and the previous two years when the clearance rate was at comparatively soft levels of 44.7% in 2011 and 54.1% in 2012.

In the Sydney market a preliminary clearance rate of 71.9% was recorded compared to 69.3% last week. The stability present nationally is especially the case in Sydney where the clearance rate has shown little variance over the last three months with high of 76.1% and low of 67.3%.

In Melbourne there was a preliminary clearance rate of 69.1% recorded compared to 69.2% last week. Last week was the best result in three months and it has been matched this week as volumes remain strong.

In Brisbane a preliminary clearance rate of 38.1% was recorded compared to 43.5% last week.

Adelaide recorded a clearance rate of 58.8% compared to 52.3% last week.

In Canberra a clearance rate of 65.4% was recorded and in Perth there was a clearance rate of 30%.

In Tasmania four homes sold from nine auctions.