CoreLogic’s preliminary auction report posted extremely strong results with the national clearance rate lifting to 84.4% off 3,791 volumes.
The preliminary clearance rate was 2.4% higher than last week’s 82.0%, and above the prior week’s 83.2%. Auction volumes were also the highest since 3,990 were taken to auction in the week ended 25th March 2018.
Sydney led the way yet again, recording a preliminary clearance rate of 89.1%, increasing on the prior week’s preliminary clearance rate of 87.5%, which was later revised down to 85.0% at final figures. It was also the seventh consecutive week where Sydney’s auction clearance rates were above 80%.
Melbourne’s preliminary auction clearance rate was also strong, rising to 83.8% from 79.9% the prior week, which was later revised down to 78.8%.
Auctions are far less prevalent across the other capitals, where results were solid to strong.
Domain’s auction results were similarly strong; albeit off a smaller sample size. Domain recorded a preliminary clearance of 88% for Sydney and 81% for Melbourne.
Give historical correlations, the exceptionally strong auction results in both major markets points to continued strong property price appreciation.