Australian home auction clearance rates just rebounded

(Photo by Nick Laham/Getty Images)

Australian home auction clearance rates rebounded last week, according to preliminary data from CoreLogic today.

Across the country, 77.2% of properties offered through auction were sold, CoreLogic found. That compared with a final clearance rate of 72.8% in the previous week and 68.9% for the same time last year. Research firm CoreLogic releases final clearance rates on Thursday when the numbers are typically revised lower.

The increased clearance rate suggests there is still a healthy appetite among buyers despite moves by regulators to further tighten risky lending and clampdown on speculation.

This table and chart from CoreLogic summarises the weekly activity

The rebound occurred on the sixth busiest auction week this year, according to CoreLogic. A total of 2,794 homes were offered for sale via auction compared with 2,409 last week and 1,920 in the corresponding week last year.

The result was driven by clearance rates of 80.7% in Sydney and 79.2% in Melbourne. Brisbane was the only capital city where preliminary clearance rates fell week-on-week to 51.6%, CoreLogic said.

There were 1,323 auctionsin Melbourne last week and the clearance rate revived from 75% in the previous week, the lowest rate for the year. Over the same week last year, Melbourne’s clearance rate was 70%.

Sydney was host to 1,053 auctions and the preliminary clearance rate increased from 74.5%. A year earlier 735 auctions were held across Sydney with 73.2% successful.

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