Australia's auction clearance rate has climbed back above 70%

Quinn Rooney/Getty Images

The largest number of residential properties since spring 2015 went under the hammer over the weekend, with 3,519 auctions held across Australia, in what some dubbed “Super Saturday”. And if the preliminary results are anything to go by, there’s few signs that buyer demand is waning.

According to CoreLogic RP data, of the 2,754 auction results received 1,975 properties were sold, equating to a preliminary auction clearance rate of 71.2%.

The figure, up on the 64.9% level of the previous week, was yet again led by solid performances from the Sydney and Melbourne markets.

The table below, supplied by CoreLogic RP Data, reveals the performance of each capital city across the nation.

Though Sydney and Melbourne dominate in terms of auction volumes, it was interesting to see that other capitals — including from the likes of Brisbane, Adelaide and Perth — all recorded stronger auction clearance rates than the same week a year earlier.

Perhaps as a consequence of the lift in stock going to auction, the increase in the national auction clearance rate came despite a small reduction in capital city house prices over the week.

Of the five capitals covered by the CoreLogic RP Data capital city home value index, prices fell in Sydney (-0.1%), Melbourne (-0.4%) and Brisbane (-0.6%), offsetting gains in Adelaide (0.1%) and Perth (0.4%).

The heavy weighting of the Sydney and Melbourne markets led to a national drop of 0.2% being recorded. In 2016 prices have increased by 1.8% nationally, led by Melbourne and Adelaide at 3.3% and 3.0% respectively.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.