Market stabilises despite rise in volume: RP Data's national auction market wrap

National auction market stable despite a strong rise in the number of properties taken to auction.

A preliminary auction clearance rate of 65.4% was recorded this week across capital cities compared to 65.0% last week and 67.3% this time last year.

The auction clearance rate has maintained a stable performance despite a 42% rise in the number of properties taken to auction this week and concerns the federal budget may have a negative impact on buyer demand.

In the Sydney market a weaker preliminary clearance rate of 70.9% was recorded compared to 73.3% last week highlighting improving conditions for buyers.

In Melbourne a preliminary clearance rate of 64.5% was recorded compared to 61.9% last week. Auction numbers rose steeply this week and it is significant that the clearance rate didn’t drop below the lows of the last fortnight.

In Brisbane a preliminary clearance rate of 49.5% was recorded compared to 46.7% last week. Adelaide recorded a clearance rate of 65.5% compared to 62.3% last week. In Canberra a clearance rate of 52.6% was recorded and in Perth there were eight auction sales from 17 results. In Tasmania there was two sales from five results.