Despite a lower volume of properties, auction clearance rates across Australia remained surprisingly strong, according to CoreLogic.
Sydney’s preliminary clearance rate for the week was 71.8 per cent, which was only 1 percentage point below last year’s rate of 72.6 per cent. Melbourne also saw a slight increase, with a preliminary rate of 68.2 per cent compared to last year’s rate of 67.6 per cent. Adelaide experienced the most significant jump, with a clearance rate of 88.6 per cent compared to 84.8 per cent in the same week in 2022. However, Brisbane was slower than the other major cities, with a preliminary clearance rate of 64.8 per cent. This is down approximately 6 percentage points from last year’s rate of 70.6 per cent.
While the volume of properties was lower than last year, the strength of the clearance rates is a positive sign for the housing market, especially in the wake of rising interest rates. The strong bidding and high clearance rates suggest buyers remain confident in the long-term prospects of the property market.