Clearance Rate Rebound

Auction clearance rates are beginning to claw their way back with results rising over the past two weekends.

In the week ending July 26, the combined capital city auction clearance rate rose to 49.7% and last weekend it rose to 53.6%.

Despite the increases in recent weeks, clearance rates remain below the 68.5% rate of the same time last year.

Cotality Head of Research Tim Lawless says there were fewer properties withdrawn in the past week as well – although the number of properties being taken to auction does remain lower than would normally be expected.

Melbourne’s clearance rate was 59.6% – its highest result since late May. Adelaide was 52.6%, Sydney 49.7%, the ACT 43.9% and Brisbane 42%.

Perth had ten auctions last week with a 20% clearance rate and Tasmania did not have any.

According to Cotality there are already 1,400 homes scheduled for auction for the second weekend of August- compared with 1273 in the previous week.