For all the concerns being voiced about Australia’s housing market right now, it’s yet to been seen in capital city auction clearance rates.
As has been the case since late July, they held well above 70% last week, according to figures released from CoreLogic earlier today.
Based on preliminary data, the group reported a national capital city auction clearance rate of 77.9%, led yet again by strength in Australia’s largest and most expensive housing market, Sydney.
In the prior week a final auction clearance rate of 76.4% was reported.
The group received results from 1,978 of the 2,405 auctions held across the nation’s capitals, with 1,557 of those properties changing hands.
Despite the elevated national clearance rate, well ahead of the 67.4% level achieved in the same corresponding week in 2015, CoreLogic notes that auction volumes remain well below the levels seen a year ago.
The group will release final figures for the week — which have a tendency to be revised lower — on Thursday.
Here’s a table that breaks down each capital’s performance last week, comparing clearance rates and auction volumes to a year ago.
Sydney, the leader of the pack in terms of Australia’s major markets, recorded some incredibly strong results with 8 of the 15 regions tracked by Corelogic registering clearance rates in excess of 85%.
Despite the strength in auction clearance rates, most mainland state capitals saw prices remain steady or fall last week, according to Corelogic’s separate home value index.
Nationally, prices fell by 0.2% over the week, led lower by declines of 0.5%, 0.3% and 0.3% apiece in Melbourne, Brisbane and Adelaide. Prices in Sydney were flat while those in Perth, the worst performing capital so far in 2016, rose by a modest 0.2%.
Year-to-date, Sydney has recorded the fastest price growth at 13.0%.
Helping to explain the continued strength in the Sydney market — whether measured in clearance rates or capital growth — CoreLogic notes that total properties listed for sale have fallen by 5.8% over the past year to 20,729.
New listings — those on the market for four weeks or less — now stand at just 7,772, down 16.2% on the same period in 2015.