Australia's property auction market was rock solid last week

Dwayne ‘The Rock’ Johnson. Picture: Getty Images

Australia’s auction market remained rock solid last week, recording a national clearance rate of close to 80%.

According to CoreLogic, a preliminary clearance rate of 78.3% was registered, well above the 69.7% level in the corresponding week a year earlier.

The group received results from 2,026 of the 2,445 auctions held during the week, with 1,592 properties changing hands.

CoreLogic will release finalised figures on Thursday, which will likely be revised lower based on historic trends.

“Over the first four weeks of Spring, auction clearance rates have consistently been recorded at a higher rate than over the corresponding weeks last year, while auction volumes remain around 20% lower,” the company noted.

By market, it was a familiar story with Sydney achieving the highest clearance rate of any capital city at 84.4%, well above the 71.7% of the same week in 2015.

However, there is a new contender emerging to Sydney’s dominance — Adelaide. The city recorded a preliminary clearance rate of 83.9%, well above the 68.1% level a year earlier.

Melbourne, at 79.1%, recorded the third-highest clearance rate across the country.

This table from CoreLogic shows how each individual capital city market performed last week.

While auction clearance rates for most capitals were far stronger than this time last year, that was reflected in house prices which actually fell over the week.

CoreLogic’s capital city home value index fell by 0.3%, trimming the gain over the past four weeks — essentially Spring — to 0.9%.

Prices in Sydney and Perth fell by 0.6% and 0.5% respectively, while values in Melbourne and Brisbane were unchanged.

Mirroring the strength in the clearance rates, Adelaide, at 0.3%, was the only mainland state capital that registered an increase in house prices.

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