Clearances Rise As Boom Continues

Capital cities recorded slightly higher clearance rates on higher volumes last weekend, building on the trend evident since Easter.

The combined capital cities had 2,448 auctions, which returned a preliminary clearance rate of 80.5%, according to CoreLogic’s Property Market Indicator. These results were higher than the previous week’s 2,199 auctions and preliminary clearance rate of 79.4%, which was revised down to 77% at final figures.

At the same time last year, only 30% of homes sold across 1,922 auctions, with confidence low as restrictions around onsite auctions and physical home inspections impeding activity.

Last weekend Canberra recorded the highest preliminary clearance rate at 87.4%, followed by Sydney with 84.8%, Adelaide 82.8%, Melbourne 78.1% and Brisbane 72.7%. Melbourne saw the highest number of auctions over the week at 1,204, followed by Sydney with 913, Canberra with 112, Brisbane with 104, Adelaide with 81 and Perth with 30.