Across the combined capital cities, the preliminary clearance rate rose this week, up from 70.6 per cent the previous week to 71.6 per cent.
The 70.6 per cent clearance rate over the week ending 10 July represented the first time in 15 weeks where the combined capital city clearance rate surpassed 70 per cent.
The strong results are still being driven by Sydney and Melbourne, with all other capital city regions recording a preliminary clearance rate under 65 per cent.
The number of auctions held across the capitals has remained fairly steady this week, with 1,378 auctions held, compared to 1,399 and remaining low compared to the same time last year, when 1,827 auctions were held, resulting in a clearance rate of 75.4 per cent.
Melbourne’s clearance rate rose above 70 per cent for the first time in five weeks last week, coming in at 71.8 per cent across 619 auctions.
This week, the overall strength has been maintained, with Melbourne’s housing market preliminary results showing 77.3 per cent of auctions sold, with 669 held across the city.
This week represents the third week in a row where the number of auctions held across Melbourne has been below 1,000, while in each of the two weeks leading up to the Federal Election, more than 1,000 auctions were held across the city.
Over the corresponding week last year, 759 auctions were held, with a clearance rate of 76.0 per cent.
The busiest sub-region in Melbourne this week was the Inner sub-region with 103 auctions being held, and a clearance rate of 77.0 per cent.
This week there were 459 auctions held in Sydney with a preliminary clearance rate of 76.2 per cent.
For the third week in a row the Sydney market has recorded a preliminary clearance rate above 75 per cent.
Last week, Sydney’s final auction results showed 76.5 per cent of the 512 auctions sold, while one year ago, 79.7 per cent of Sydney auctions were reported as sold, with 794 held.
Across the sub-regions of Sydney, the Inner West recorded the highest preliminary clearance rate of 91.4 per cent across 35 reported auctions.
Following on from Inner West, was the City and Inner South sub-region where 88.1 per cent of the 42 reported auctions were successful.
There were 117 Brisbane auctions held this week up from 112 auctions last week and higher than 115 auctions recorded at the same time last year.
Preliminary results show a clearance rate of 46.8 per cent rising from 42.7 per cent last week and lower than one year ago (60.2 per cent).
26 Gold Coast auction results have so far been reported to CoreLogic, with a preliminary clearance rate of 65.4, higher than the 38.9 per cent last week.
There were 61 auctions held in Adelaide this week, with a preliminary clearance rate of 52.3 per cent, lower than the 69.5 per cent recorded last week across the 68 auctions held and lower than one year ago 64.3 per cent across 79 auctions.
CoreLogic has captured 16 auction results for Perth, with a preliminary clearance rate of 31.3 per cent, lower than the 33.3 per cent clearance rate last week.
This time last year Perth recorded a lower clearance rate of 18.8 per cent, however it is important to note that the clearance rate across the city tends to move around a lot, given Perth’s auction market accounts for only a small proportion of overall sales.
A total of 29 auctions were held in Canberra this week with a preliminary clearance rate of 64.3 per cent, down from 75.9 per cent last week and lower than one year ago (82.1 per cent).
A total of nine auctions were held in Tasmania this week and so far three results have been reported with one successful result.