The preliminary clearance rate across the combined capital cities was 75.7% this week for a reported 1,494 auctions.
Weekly clearance rate, combined capital cities
According to research house CoreLogic RP Data, “…clearance rates are still tracking higher than they were one year ago, when the final auction clearance rate over the week was 68.9% across 1,473 auctions”.
Capital city auction statistics (preliminary)
Market heavyweight Sydney appears to be losing a little steam, with this week’s preliminary clearance rate coming in at 78.8%. That’s the fourth week in a row where Sydney’s clearance rate has been under the 80% mark.
However, last year’s result of 76.7% shows that – despite the closing gap between this year’s and last year’s results – the clearance rate remains higher.
Sydney’s west displayed the strongest performance of all the sub-regions last week, with Blacktown’s clearance rate coming in at 94.4%.
According to Australian Property Monitors, of 426 properties sold on Saturday, the median sale price was $960,000.
Sydney’s Inner West had some exceptionally strong results, with this modern two level home with five bedrooms and three bathrooms on an 850sqm block going for $3.55 million dollars.
Melbourne’s preliminary clearance rate ticked higher this week at 78.6% from last week’s 75.7% and 69.0% last year.
According to CoreLogic RP Data, Melbourne’s Outer East was the best performer, with 93.8% of these auctions successful.
Australian Property Monitors said that of 410 properties sold on Saturday, the median sale price was $760,000.
This three-bedroom house in Balwyn North, on an 1115sqm block, went for $2.405 million.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.