Preliminary clearance rate increased to 63.5 per cent after last week saw the lowest clearance rate for the year.
The combined capital cities saw fewer homes taken to auction this week, with a total of 2,280 held, down on last week when 2,577 were held.
The lower volumes saw an improved preliminary clearance rate over the week, returning a 63.5 per cent success rate, increasing on the week prior’s final clearance rate which was the lowest weighted average result seen over the year-to-date with 60.3 per cent of properties selling.
Although the preliminary clearance rate has shown a positive rise over the week, the trend in auction clearance rates, based on the more complete final results, clearly shows a downwards trend in clearance rates.
Auction markets remain more buoyant than December last year, when Sydney clearance rates reached a low point of 52 percent, however the weaker auction results suggest housing market conditions are likely to remain relatively soft.
Looking at results over the corresponding year-to-date period last year, the capital city auction market was performing quite differently, with an average of 10 per cent more homes selling over the same period last year, while weekly volumes continue to show similar trends.
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