Australian home auction clearance rates continue to rise despite a crackdown on speculative lending

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Australian home auction clearance rates are up on the previous week, and at levels seen at same time last year.

The amount of successful auctions across the capital cities climbed to 74.6% from 73.1% over the previous week and 67.7% a year earlier, according to preliminary data from research firm CoreLogic.

A regulatory clampdown on speculative lending has cooled house prices with Sydney and Melbourne seeing small drops in home values. However, auction clearance rates another measure of housing appetite, has remained robust as this table from CoreLogic shows.

Sydney, where prices have doubled since 2009, saw success in 76.2% of 1,086 auctions up from 74% in the previous week and 73.2% a year earlier.

Brisbane’s rate climbed to 56% up from 46.3%, a week earlier.

Melbourne, which is witnessing an oversupply of apartments, saw a 77.3% clearance rate lower than 77.9% in the previous week. The clearance rate in the nation’s second-largest city is yet to fall below 75% this year, according to CoreLogic.

A total of 2,850 homes were auctioned across the capital cities last week, up from 2,823 in the previous week and 2,480 a year earlier, CoreLogic said.

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