Auction clearance rates are showing some signs of weakening, except in Sydney

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Australian capital city auction clearance rates are starting to show signs of softening.

Except in Sydney.

According to preliminary data released by CoreLogic, a national clearance rate of 76.2% was achieved last week, down from the 80.8% preliminary reading reported a week earlier.

It was still well above the 68.8% final clearance rate reported in the same corresponding week in 2016.

CoreLogic said that 2,844 homes went under the hammer, up from 1,473 in the previous week, but well below the 3,540 a year ago.

As shown in the table below, the pullback in national clearance rate was largely driven by some softening in the Melbourne market where a preliminary figure of 75.9% was reported, down from 84.3% last week.

However, it was much of the same for the Sydney market where 83.9% of results reported resulted in a sale.

Source: CoreLogic

The modest slowdown across the broader auction market followed several major lenders increasing mortgage rates for both owner-occupier and investor home loans last week.

CoreLogic will release final auction clearance rates for the week on Thursday, March 23.

Last week, a final figure of 75.1% was reported, below the preliminary result of 80.8%.

That not unusual as tardy, often unsuccessful auction results, are reported to the group.

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