Auction results continue to build momentum, with a preliminary auction clearance rate of 77.7% recorded across the combined capital cities. That compared to 75.9% last week.

According to research house CoreLogic RP Data, “current clearance rates continue to track at levels much higher than last year, when over the same week one year ago 65.4% of homes taken to auction were sold.”

Weekly clearance rate, combined capital cities

Sydney’s auction clearance rate came in at 83.9% this week and on par with last week’s result of 83.4%. The clearance rate last year was much lower in comparison, at 70.1%.

The hottest performing areas in Sydney this week included the Ryde region, along with the Eastern Suburbs, City and Inner South, Baulkham Hills and Hawkesbury, and Inner West regions. All of these suburbs experienced clearance rates above 87%.

Melbourne’s auction clearance rate stood at 79.2% and higher than last week’s result of 77.7%. This time last year, the clearance rate was 69.1%.

Melbourne’s strongest performing area this week was the North East region, with 88.7% of all reported auctions cleared.

Capital city auction statistics (preliminary)

And looking to the smaller property markets in Australia, Brisbane’s clearance rate was 55.4%, Adelaide’s 62.3% and Canberra’s was 67.5%. Auction volumes in these cities are fractional when compared to market heavyweights Sydney and Melbourne.

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