Auction results remain strong in the lead up to the Queen’s birthday long weekend, with a preliminary clearance rate of 78.9% this week, down from 79.1% last week.
Auction volumes were up this week, with 2,727 homes taken to auction compared to 2,599 last week.
CoreLogic RP Data notes that this week was the tenth week in a row where the combined capital clearance rate was above 77%.
Weekly clearance rate, combined capital cities
Australia’s largest auction market of Melbourne held 1,221 auctions at the weekend, and a preliminary clearance rate of 78.3% from the 1,053 captured results.
Last week, Melbourne’s clearance rate was 82.1% from 1,162 auctions, compared to a clearance rate of 65.4% one year ago.
The Outer East region of Melbourne had the strongest clearance rate this week of 88.8%.
Sydney held 1,120 auctions this week, and of the 882 captured results, the preliminary clearance rate was 86.5%.
That compares to 86.2% last week and 73.0% at the same time last year.
Across Sydney, Baulkham Hills and the Hawkesbury region had the top clearance rate this week of 94.7%.
Capital city auction statistics (preliminary)
Hedonic Home Value Index results
According to the CoreLogic RP Data ‘’Hedonic Home Value Index’’ results, dwelling values in the combined capitals were down 0.9% over the month.
That follows an increase in dwelling values of 3.8% from January to April, and marks the first month-on-month fall since November 2014. But better results are expected in June.
“Other market indicators are also pointing to stronger conditions for the Sydney and Melbourne housing markets, with auction clearance rates remaining at, or close-to, record highs throughout May along with low advertised stock levels across the largest cities, particularly for Sydney’’, says Tim Lawless, Core Logic RP Data’s head of research.
Index results at May 31, 2015
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