According to new data from CoreLogic, preliminary results show a clearance rate of 56.0 per cent across the combined capital cities this week. That’s an increase from last week’s average clearance rate of 51.4 per cent.
However, year on year, volumes have dropped significantly. Over the weekend, 1,669 homes were taken to auction, compared to 3,990 this time last year. Note that this time last year was the pre-Easter weekend, which is traditionally a busy time for the market.
Australia’s biggest markets, Sydney and Melbourne, recorded preliminary auction clearance rates of 62.6 per cent and 57.0 per cent, respectively. Volumes are down significantly from last year in both cities. In Melbourne, there were 820 auctions, versus 2,071 this time last year. In Sydney, there were 506 auctions, versus 1,383 this time last year.
For a detailed breakdown of the best and worst performers, see below: