Australian house auction clearance rates have stabilised

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Australian capital city auction clearance rates have steadied in the high 60% region after declining steadily in the June quarter.

Here’s the snapshot from last week’s results, courtesy of CoreLogic.

Source: CoreLogic

Melbourne retained top spot with a clearance rate of 72.9%, edging out Sydney for top spot which printed at 68.6%.

CoreLogic said that clearance rates increased in Adelaide and Brisbane from a week earlier while those in Canberra, Perth and Tasmania fell.

Nationally, clearance rates edged up from 67.3% to 68.4%, a level that has typically led to annual price growth of around 10% per annum.

It was the sixth consecutive week that a rate in the mid to high 60% region has been recorded.

Looking ahead, CoreLogic says that auction volumes will fall in the coming week, dropping to 1,477 from 1,766 in the previous week.

Reservoir in Melbourne retained its title of the busiest suburb for auctions for a second week with 15 properties going under the hammer.

Mount Waverley, St Albans, Craigieburn and Greensboroug, all located in Melbourne, round out the top five busiest list with 10 or more auctions scheduled to take place.