Australian auction clearance rates look to have settled at around 70%

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Australian capital city auction clearance rates continue to hover around the 70% level last week, maintaining the modest range seen since the beginning of February.

According to CoreLogic RP Data, of the 1,248 auction results received so far, 879 properties were sold, equating to a preliminary auction clearance rate of 70% nationally. Although the highest level seen in the past four months, the figure was below the 82.3% level registered in the same corresponding week last year.

By capital city, the two largest and most expensive housing markets in the country — Sydney and Melbourne — recorded the highest preliminary clearance rates at 78.4% and 71.0% respectively.

The table below from CoreLogic RP Data breaks down the results by individual capital for last week, comparing the results to those seen in 2015.

Mirroring the modest reduction in auction clearance rates, house price growth across capital cities continues to slow, although there has been a noticeable acceleration in Sydney prices since the beginning of April.

According to the CoreLogic RP Data capital city home value index, prices in Sydney have jumped by 2.5% since the end of March, leaving them up 4.3% from the beginning of the year.

Outside of Sydney, prices have risen by 1.4% and 1.2% in Adelaide and Brisbane so far in April, outpacing gains of 0.9% and 0.1% in Perth and Melbourne.

Despite tepid growth in April, Melbourne prices have risen by 8.9% over the past 12 months, narrowly pipping Sydney for top spot around the country.

The table below, again supplied by CoreLogic RP Data, provides the details.

Corelogic RP Data will release its final auction clearance rate for last week on Thursday.

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