Preliminary clearance rate edges slightly higher to 72.3 per cent while auction volumes remain lower than last year.
Despite the higher than expected clearance rates over the early phase of the new year auction market, auction volumes are yet to reach the same levels seen last year.
After the weighted capital city average auction clearance rate was tracking in the high 50 per cent range throughout December last year, auction results have shown a higher than expected bounce, with the clearance rate holding higher than 70 per cent over the past three weeks.
The preliminary clearance rate of 72.3 per cent has moved higher compared to last week (71.8 per cent).
This week’s preliminary clearance rate is lower relative to last year’s results of 77.3 per cent.
This week, 2,215 capital city auctions took place, compared to 1,400 last week and 2,372 one year ago.
Over the next few weeks it is expected that auction activity will continue to ramp up which will further test the resilience of auction markets on higher volumes.