Auction clearance rates in Sydney are back above 80%

Photo by Patrick Riviere/Getty Images

While most attention last weekend was on the outcome of the federal election, it’s clear that quiet a few Australians also found time to buy a house, at least based on auction clearance data released by CoreLogic.

A preliminary clearance rate of 70.7% was recorded across the country last week, well above the 66.4% level reported previously.

Largely because of the election, just 811 auctions were held, down substantially on 2,218 level of the week before.

Of those properties on offer, there was clearly high demand, particularly in Sydney. The city recorded a preliminary clearance rate of 80.4%, near the 82% level achieved in the same week a year earlier.

Although a smaller pool of properties up for sale may have contributed to the spike, it continues the trend seen in recent months.

Elsewhere clearance rates were far more subdued, as seen in the table below, provided by CoreLogic.

Mirroring the performance of clearance rates across Australia’s capital cities, house prices in Sydney rose by an additional 0.2% over the week, extending the gains over the past month to 1.6%.

Brisbane recorded the steepest increase in house prices during the week, something that along with continued gains in the Sydney market helped to offset price declines in Melbourne, Adelaide and Perth.

Nationally, prices were flat for the week.

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