Faced with tougher lending restrictions on investors, out-of-cycle mortgage rate increases, souring sentiment towards the outlook for prices and a surge in properties being taken to market, at least for this time of year, Australia’s housing market faced somewhat of a test last week.
Despite all those perceived negatives, it yet again passed with flying colours.
According to figures released by CoreLogic earlier today, the final capital city auction clearance rate for last week came in at 73.1%, fractionally above the 72.8% level of the previous week.
A strong result given the number of properties that went under the hammer, even if slightly below the levels seen earlier this year.
“There were 2,824 capital city auctions last week, increasing from 2,409 the previous week,” CoreLogic said.
“Both clearance rate and auction volumes were significantly higher than the corresponding week last year when a clearance rate of 68.9% was recorded across 1,920 auctions.”
By capital, Hobart recorded the highest clearance rate at 83.3%, followed by Melbourne, Canberra and Sydney at 77.9%, 74.4% and 74.0% respectively.
Not the levels that you would typically associate with falling prices, but rather modest gains.
Of the other capitals, CoreLogic said that clearance rates fell in Adelaide, Brisbane and Perth.
Looking ahead to the coming week, the number of properties being taken to market looks set to fall modestly.
CoreLogic is currently tracking 2,668 auctions across the country, with Melbourne yet again the busiest market with 1,238 properties set to go under the hammer.
“Victoria has the busiest suburbs for auctions across the nation this week, with 23 and 20 residential homes set to go under the hammer in Elwood and Kew respectively, followed closely by Brighton and Reservoir each set to host 18 auctions,” the group said.
This infographic has the levels for Australia’s remaining states and territories.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.