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Early indicators are forecasting that final clearance rates across the combined capital cities will hold above 70 per cent, for what will mark the fifth consecutive week.
CoreLogic’s Property Market Indicator Summary has revealed 1,633 homes were taken to auction across the combined capital cities in the week ending 15 September, returning a preliminary clearance rate of 75.7 per cent.
The previous week saw 1,533 homes taken to auction, returning a final clearance rate of 72.3 per cent.
“Although the final clearance rate across the combined capitals will revise lower as remaining results are collected, it will likely hold above 70 per cent for the fifth consecutive week,” CoreLogic said.
“Over the same week last year, auction activity was higher, with 1,983 homes taken to auction, returning a significantly lower clearance rate of 51.8 per cent.”
Melbourne was the strong performer this week, playing host to 824 auctions, returning a preliminary clearance rate of 75.7 per cent. This marks the eighth consecutive week where the city’s clearance rate has held above 70.0 per cent.
By comparison, last week saw 765 homes taken to auction and a final clearance rate of 74.0 per cent was recorded for the Victorian capital.
Meanwhile, Sydney recorded a preliminary clearance rate of 80.3 per cent across 580 auctions this week. Over the previous week, final results show 75.7 per cent of the 528 auctions were successful, CoreLogic noted.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
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