Australian auction clearance rates have jumped back above 70%, led by Sydney's hot housing market

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Australian capital city auction clearance rates bounced back above the 70% level last week, led by a resurgent Sydney market.

According to preliminary figures released by CoreLogic on Monday, 72% of properties auctioned sold, leaving the combined capital figure near highs not seen since the middle of last year.

It was also far stronger than the 67% level for the previous week.

The table below, supplied by CoreLogic, reveals the performance of each capital city last week.

Continuing the theme seen in recent months, the strong national performance was led by Sydney, which recorded a preliminary clearance rate of 79%, up on the 78.8% level of the corresponding week a year earlier.

Elsewhere Melbourne, Adelaide and Canberra all recorded clearance levels in excess of 70%.

In absolute terms, there were 1,365 auctions last week, substantially below the 1,704 level seen in the same week of 2015. CoreLogic received results from 1,110 auctions held, with finalised figures scheduled for release on Thursday.

Despite the uptick in clearance rates, capital city house prices were largely unchanged during the week with CoreLogic’s separate capital city home value index rising by 0.1%.

As shown in the table below, supplied by CoreLogic, price increases in Adelaide, Melbourne and Perth were offset by a flat performance from Sydney prices and a 0.2% decline in Brisbane.

On a longer-term basis, prices in Sydney recorded the fastest growth of any mainland capital surveyed over the past four weeks with a gain of 1.7% recorded.

Over the past year prices in Australia’s largest and most expensive capital have risen by 9.1%, making it the hottest housing market in the country.

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