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Auction clearance rates rise, but volume drops by 1,000-plus houses

Auction

The property market continues to show signs of life with an increase in auction clearance rates, however, a lower number of properties were on the market for the first weekend in July. 

Research house CoreLogic’s numbers suggest that 68.9 per cent of properties put up for auction were sold over the weekend. This is an increase from the final clearance number of 62.9 per cent last week and is on the back of a four-week trend where auction clearance rates have been 60 per cent or higher.

Fewer properties taken to auction for the first week of July has led to higher preliminary auction clearance rates, according to the latest auction stats. 

Auction volumes remain low with 945 properties in the capital cities up for auction. This is a fall from 1,411 auctions held the same week last year. 

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Sydney

In Sydney, 352 auctions were held with a preliminary clearance rate of 78.2 per cent, which is over 10 per cent rise from the previous week.

One year ago, the Sydney clearance rate for 552 auctions was 50.1 per cent.

Melbourne 

A similar story for Australia’s second-largest city, with preliminary figures from CoreLogic suggesting a 70.3 per cent clearance rate. This was across 388 properties, which is down from 535 properties last week. 

This time a year ago, Melbourne had an auction clearance rate of 56.1 per cent across 631 properties.

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Auction clearance rates rise, but volume drops by 1,000-plus houses
Auction
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