According to The Australian Financial Review, auction clearances picked up in the two largest states over the week to Saturday as an accelerating spring market failed to lift stock levels anywhere near the level of last year.
The preliminary average clearance rate rose to 77.5 per cent based on the 1956 results reported so far, data provider CoreLogic said on Sunday. The 2490 auctions scheduled for the week were higher than the 2253 last week, when the final clearance rate was 74.4 per cent.
In the same week a year ago, there were 2947 auctions reported and a 61.4 per cent clearance rate.
In Melbourne, the largest auction capital, the clearance rate picked up to 80.5 per cent from 77.5 per cent as the number of auctions also rose to 929 from 632 over the previous week, CoreLogic said. Over the corresponding period last year, the clearance rate was 69.0 per cent across 1204 auctions.
In Sydney, the preliminary clearance rate rose to 82.1 per cent from 80.5 per cent – on a smaller number of auctions. A total 1063 auctions were scheduled this week, just below last week's 1100.
It's unclear whether the pickup in prices growth seen in Sydney and Melbourne - which is pulling an otherwise lacklustre national market higher - will continue. Separate CoreLogic figures showed prices jumped 2.7 per cent in the three months to October. The Reserve Bank of Australia last week kept the benchmark cash rate on hold at a record low 1.5 per cent. On Friday, the central bank repeated its view that house prices were under control.
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