The auction market was stable across our capital cities this weekend
A preliminary weighted average clearance rate of 66.6 per cent was recorded this week across capital cities compared to 65.5 per cent last week and 66 per cent this time last year.
A medium term review of the national auction market shows stable performance after a period of appreciation in 2013 and the previous two years when the clearance rate was at comparatively soft levels of 44.7 per cent in 2011 and 54.1 per cent in 2012.
In the Sydney market a preliminary clearance rate of 71.9 per cent was recorded compared to 69.3 per cent last week.
The stability present nationally is especially the case in Sydney where the clearance rate has shown little variance over the last three months with high of 76.1 per cent and low of 67.3 per cent.
In Melbourne there was a preliminary clearance rate of 69.1 per cent recorded compared to 69.2 per cent last week.
Last week was the best result in three months and it has been matched this week as volumes remain strong.
In Brisbane a preliminary clearance rate of 38.1 per cent was recorded compared to 43.5 per cent last week. Adelaide recorded a clearance rate of 58.8 per cent compared to 52.3 per cent last week.
In Canberra a clearance rate of 65.4 per cent was recorded and in Perth there was a clearance rate of 30 per cent. In Tasmania 4 homes sold from 9 auctions.