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Auction markets continued their strong run to the week ending 11 December, with the number of auctions recorded at the second highest level this year and clearance rates remaining above 70 per cent for the 20th successive week.
The CoreLogic Property Market Indicator Summary showed that auction activity did not appear to be slowing down in the festive period, with auction numbers reaching the highest level since March this year.
There were 3,411 auctions held, returning a preliminary clearance rate of 74.6 per cent, up from last week’s 72.3 per cent and substantially higher than the equivalent period in 2016 (58.2 per cent).
The combined capitals’ clearance rate has been tracking above 70 per cent in the last 20 weeks, with the clearance rate higher than 75 per cent over 11 of the past 20 weeks.
The last time the combined capital city clearance rate was tracking over 70 per cent over the given period was in 2009.
In Australia’s two largest markets, Sydney and Melbourne, clearance rates rose this week, with preliminary results showing 77.4 per cent and 80.2 per cent respectively.
The reported clearance rate of 74.6 per cent is a weighted average figure, influenced by substantially over-average performances in Sydney and Melbourne at 77.4 per cent per cent and 80.2 per cent respectively.
While Adelaide and Canberra were closest to the reported mark at 66 per cent and 64.9 per cent, Tasmania and Perth are well off the average at just 23.1 per cent and 26.2 per cent.
There were 2,074 cleared and 668 uncleared auctions across all capital cities for the week.
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