Clearance rates have hit their highest level in over a year, reaching 70.6%, according to new CoreLogic figures.
Nine hundred and one homes were taken to auction across capital cities, with Sydney recording the highest preliminary clearance rate at 81.5%, the figures showed.
The previous week had 847 homes taken to auction, with the final clearance rate coming at 65.4%. It was the first time a final clearance rate was above 65% since March 2018, according to CoreLogic analyst Caitlin Fono.
“As remaining results are collected, we expect the final clearance rate across the combined capitals will revise down to around the mid-60s again this week. Over the same week last year, auction activity was higher with 1,257 homes taken to auction, returning a clearance rate of 57%,” Fono said.
Melbourne recorded the second-highest preliminary clearance rate at 70%, hosting 416 auctions. Over the same week last year, the capital city experienced a 59.9% clearance rate across 613 auctions, according to the figures.
Sydney had the biggest preliminary clearance rate at 81.5% across 303 auctions, the figures showed. One year ago, Sydney recorded a final clearance rate of 55.2%.
Brisbane and Adelaide had clearance rates at 45.7% and 58.8%, respectively, with Perth clearance rate remaining unchanged, according to the figures.
The table below shows each capital city’s recorded clearance rate:
