- Preliminary data from CoreLogic showed auction clearance rates rose last week, with a solid lift in Sydney.
- In a reversal of recent trends, there were more successful auctions for houses compared to units.
Australian auction clearance rates picked up last week, reversing two straight weeks of declines.
Preliminary data from CoreLogic showed an average clearance rate across the combined capitals of 59.1%, up from 56.2% a week earlier.
The increase came amid a rise in auction activity, as 1,400 homes went to market compared to 1,324 auctions in the week prior.
And in what has been a rare occurence so far in 2018, clearance rates for houses were than units.
“By property type, houses outperformed the unit market this week with 60% of houses selling at auction, while 57.1% of units sold across the combined capital cities,” CoreLogic said.
“An interesting result this week considering so far this year the unit market has consistently been the better performer.”
By market, Melbourne recorded a clearance rate of 61.3% across 718 auction, up from a preliminary clearance rate of 57.9% in the week prior.
There was a solid lift in Sydney, which had a preliminary clearance rate of 59.1% — up from 52.4% at the same time last week. A total of 459 homes went to market in Sydney over the weekend — the fifth straight week that total auction volume was less than 500.
At the same time last year, Melbourne and Sydney had clearance rates of 69.8% and 67.6% respectively.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.