By Caitlin Fono, Research Analyst, CoreLogic Australia

The preliminary auction clearance rate stepped higher last week, rising to 74.7%, the highest early result since the first week of April (75.9%).

Both of the major auction markets recorded a rise in the preliminary clearance rate. 

In Sydney, 76.7% of auctions have returned a successful result so far, up 4.7 percentage points from the prior week and the strongest early result since the first week of May (78.1%).

Melbourne’s preliminary clearance rate came in at 70.2% last week, up 2.0 percentage points from the previous week (68.2%) and roughly in line with the average preliminary clearance rate through the year to-date.

Across the smaller auction markets, the preliminary clearance rate was led by Adelaide at 84.8%, followed closely by Brisbane at 78.9%. Canberra was the only capital city auction market to record a drop in the preliminary clearance rate relative to the previous week, coming in at 64.3%.

From a volume perspective, 1,747 auctions were recorded last week, the lowest count since the Kings Birthday long weekend in mid-June.  However, the number of auctions continues to track well ahead of levels recorded at the same time last year (+22%) when 1,428 auctions were held.

The winter slowdown is set to continue, with around 1,500 auctions currently scheduled this week with a bounce back to around 1,700 the following week.

Full details including clearance rates and top sales of the week can be found in the attached Property Market Indicator.