Auction clearance rates continued to strengthen in the June quarter, according to a new CoreLogic report.
Clearance rates in Melbourne increased over the June quarter, with Sydney clearance rates outperforming both the previous and June 2018 quarters.
Over the three months to June, the clearance rate across the combined capital cities came in at 55.5% across 18,104 auctions, the strongest quarterly clearance rate since June 2018, the report said.
For the June 2019 quarter, Sydney recorded a 59.1% clearance rate, Melbourne at 59.5%, Brisbane 32.3%, Adelaide 47%, Perth 27.4%, Tasmania 60%, and Canberra 50.8%.
Clearance rates also increased across all five regions tracked over the June quarter, with Geelong leading and returning the highest clearance rate at 56.4%, according to the report.
“Auction results are highly correlated with housing market conditions in Sydney and Melbourne, while other capital cities generally show a much smaller proportion of properties are taken to auction. The improved trend in auction market results provide further evidence that housing conditions are stabilising, especially in Sydney and Melbourne, where trend towards higher clearance rates has been more pronounced,” CoreLogic Analyst Cameron Kusher said.
The weekly trend in clearance rates also rose, with clearance rates holding above 50% for 11 of the 13 weeks of the quarter. During the quarter’s last three weeks, clearance rates were above 60%, according to the figures.
