Australian auction clearance rates are edging higher again

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Led by Sydney’s housing market, Australian capital city auction clearance rates are continuing to edge higher.

According to preliminary data from CoreLogic RP Data, 70% of properties sold last week, up from 69.5% previously.

After falling below 60% earlier this year, the trend in clearance rates nationally is clearly pushing higher.

Of the 1,863 auctions held, results were received from 1,549, with 1,090 properties cleared in total. CoreLogic RP Data will release its final auction clearance report, including some results not received as yet, on Thursday.

The table below, supplied by the group, reveals the performance across Australia’s capital city housing markets last week. Although clearance rates nationally are edging higher, it still remains below the levels of the same corresponding week in 2015.

According to the group’s separate capital city home value change index, prices nationally rose by 0.1% last week, leaving the gain so far in May at 1.9%.

Gains were once again led by Sydney, the largest and most expensive housing market in Australia, which recorded a weekly increase of 0.3%, taking the monthly gain to 3.4%.

Elsewhere prices were flat in Melbourne, up fractionally in Perth (+0.1%) but down in Brisbane (-0.2%) and Adelaide (-0.3%).

Like the weekly and monthly data, price growth in Sydney has led all capitals in 2016, rising 7.8%. Prices in Melbourne (+4.8%), Brisbane (+2.2%) and Adelaide (+4.9%) have also increased while Perth, at -3.1%, is the only capital city monitored that’s seen prices fall over the same period.

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