By Caitlin Fono, Research Analyst, CoreLogic Australia

The preliminary auction clearance rate stepped a little higher last week, rising to 73.5% across the combined capitals, up from a preliminary rate of 72.9% the week prior which revised lower to 66.1% once finalised.

Sydney continued to standout with a strong preliminary clearance rate at 78.1%, although this was slightly lower than the previous week at 78.3% (71.0% on final numbers).

Melbourne’s early clearance rate rose above the 70% mark to 71.0%, slightly higher than the previous week’s 69.8% (62.5% on finalised numbers). The result was on the back of a large volume, with 1,026 auctions held, the first 1,000+ week of auctions since the week prior to Easter.

Across the smaller capitals, Brisbane recorded the largest volume of auctions (169) but the preliminary clearance rate slipped from 71.7% a week earlier to 68.0% (lowest since Easter). Adelaide continued to record a high early clearance rate at 84.8% across 130 auctions, while auction results across the ACT were soft, returning a preliminary clearance rate of 58.0% (lowest since the last week of February).

With 2,169 auctions held last week, the volume of properties taken to market is holding well above levels a year ago (+25.8% or 445 higher relative to the same time last year). More broadly, the rolling four week count of new listings added to the market was nearly 23% higher than at the same time a year ago and 12.1% above the previous five-year average.

The volume of auctions is set to rise this week.  CoreLogic is currently tracking more than 2,200 properties scheduled to go under the hammer.

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