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Capital city clearance rates were strong in the first week of summer at 75 per cent, while the number of auctions fell week-on-week.
The CoreLogic Property Market Indicator for the week ending 4 December found that the combined capital city preliminary clearance rates rose in the week to 75 per cent, up from last week’s final clearance rate of 73 per cent.
This week’s auction market results indicate that clearance rates will be strong coming into summer, a trend that is different from last year’s performance when auctions clearance rates were tracking in the high 50 per cent to low 60 per cent range.
In Sydney and Melbourne, clearance rates were 77.7 per cent and 79.3 per cent respectively, while Perth, Adelaide, Canberra and Tasmania were above 60 per cent at 67.3 per cent, 64.4 per cent, 63.8 per cent and 62.5 per cent respectively. Only Brisbane, at just 50.4 per cent, fell below the 60 per cent mark.
The number of properties taken to auction this week fell across the capital cities, with 3,173 reported auctions, down from 3,398 last week, which was the second busiest week for auctions this year.
In Melbourne and Sydney, the number of auctions held decreased (1,410 and 1,158), while auction volumes in the smaller cities increased over the week.
Auction activity is expected to slow over the remaining weeks of December. However, the strong trend in clearance rates is showing no signs of easing.
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