A preliminary weighted average clearance rate of 66.9 per cent was recorded this week across capital cities compared to 61.6 per cent last week and 68.2 per cent this time last year.
This weeks result compares well to the 2014 market when an overall clearance rate of 67.8 per cent was recorded. It also broadly reflects the moderate growth recorded in home values this year.
The positive impact of the rate cut will take a few weeks to be apparent on a national wide scale as volumes are still low. If the rate cut is to encourage a few more active buyers and sellers it will also take a few weeks to be obvious.
In Sydney a preliminary clearance rate of 80.5 per cent recorded compared to 77.9 per cent last week and 79.5 per cent last year.
Compared to last year this is near identical start.
In Melbourne a preliminary clearance rate of 61.4 per cent was recorded compared to 66.3 per cent last week and 67.5 per cent this time last year.
It is still early but results so far make it interesting to see which way the market goes as the year has started with lower auction volumes and clearance rates.
In Brisbane a preliminary clearance rate of 45.6 per cent was recorded compared to 43.3 per cent last week.
In Adelaide a preliminary clearance rate of 61.1 per cent compared to 52.7 per cent last week.
In Canberra a clearance rate of 62.8 per cent was recorded compared to 72.7 per cent last week, whilst for Perth a clearance rate of 35.7 per cent was recorded.
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