Australian auction clearance rates continue to hover around 70%

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Australian capital city auction clearance rates continue to hover around 70%, reflecting the pattern seen over much of the past three months.

According to preliminary data released by CoreLogic earlier today, a national clearance rate of 70.7% was achieved last week, fractionally above the 70.5% final figure seen a week earlier.

There were approximately 1,295 auctions held, down substantially on the 2,143 number held during the same corresponding week a year earlier. At 70.7%, the national clearance rate was also below the 74.7% level seen 12 months ago.

The table below, supplied by CoreLogic, looks at auction results by individual capital city. The national figure was yet again bolstered by strength in the Sydney and Melbourne property markets — the largest and most expensive in the country — helping to offset more subdued performances from other capital cities.

Mirroring the national clearance rate — something that is neither extremely hot nor extremely cold — property prices continued to push higher with CoreLogic’s separate capital city home value index rising 0.2% last week, leaving the change over the past month at 0.3%.

House prices in Perth logged the largest weekly increase at 0.5%, although they still remain down 3.5% from the levels of a year earlier. Elsewhere prices rose by 0.2% apiece in Sydney and Melbourne, and 0.1% in Adelaide. Brisbane was the only capital to register a decline in home values, sliding 0.5%.

Over the past 12 months, Sydney retained the title of the hottest capital city housing market in the country with prices increasing 9.3%.

The table below, again supplied by CoreLogic, has all the details.

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