A preliminary weighted average clearance rate of 71.1 per cent was recorded this week across capital cities compared to 69.3 per cent last week and 70.3 per cent this time last year.
With volumes low in Melbourne due to the Melbourne Cup the main activity in the auction market was in Sydney which had its eighth week with over 1,000 auctions for the year and continued to record above trend results.
The Sydney market continues to strengthen with a preliminary clearance rate of 78.5 per cent recorded compared to 74.8 per cent last week and 75 per cent last year.
The improving trend is apparent over the medium term as well with a citywide clearance rate the first ten months of the year of 75.1 per cent compared to 72.5 per cent a year ago.
In Melbourne there was a preliminary clearance rate of 68.2 per cent recorded compared to 71 per cent last week and 70.8 per cent this time last year.
From a clearance rate perspective the Melbourne market is marginally down on a year ago with a year to date clearance rate of 68.9 per cent compared to 69.6 per cent.
In Brisbane a preliminary clearance rate of 47.3 per cent was recorded compared to 46.3 per cent last week. The Brisbane auction market is stronger than a year ago with a clearance rate of 46.3 per cent compared to 41.2 per cent.
Adelaide recorded a clearance rate of 61.5 per cent compared to 56.5 per cent last week.
In Canberra a clearance rate of 70.6 per cent was recorded.
In Perth a clearance rate of 46.7 per cent was recorded.