A preliminary weighted average clearance rate of 69.2 per cent was recorded this week across capital cities compared to 72.3 per cent last week and 73.1 per cent this time last year.
The capital cities auction market has clearly lifted since winter, primarily due to strong demand in Sydney and Melbourne to a lessor extent.
In Sydney a preliminary clearance rate of 76.9 per cent was recorded compared to 78.4 per cent last week. Volumes continue to rise and are expected to double the lows of winter soon thereby increasing choice for buyers.
In Melbourne there was a preliminary clearance rate of 69.3 per cent recorded compared to 73.4 per cent last week. Spring has started strongly but it is worth noting that due to significant rises in stock levels the auction market shifted towards buyers this time last year after the grand final.
In Brisbane a preliminary clearance rate of 41.4 per cent was recorded compared to 48.2 per cent last week. The low clearance rate compared to the larger capital cities masks the improvement, a 75 per cent rise in homes sold at auction, compared to two years ago.
Adelaide recorded a clearance rate of 69.1 per cent compared to 64.3 per cent last week.
In Canberra a clearance rate of 57.8 per cent was recorded and in Perth there was a clearance rate of 52 per cent.