AAP Finance

Auction rates sustain recent recovery

By AAP Newswire

Capital city property auctions have sustained their recent improved clearance rates, but early signs that prices have bottomed out have yet to have any effect on volumes.

Property analytics firm CoreLogic says 901 homes were up for offer across all capital cities in the seven days to Sunday, compared to 1,257 a year ago.

The preliminary clearance rate of 70.9 per cent was up on the previous week's 70.6 per cent, which itself was the highest in more than a year.

"The final clearance rate (was) coming in at 65.4 per cent, the first time we have seen a final clearance rate hold above 65 per cent since March last year," CoreLogic said, tipping a similar result this week.

Sydney recorded a preliminary clearance rate of 81.5 per cent across 303 auctions, with prices in the harbour city edging 0.1 per cent up over the week.

While that clearance rate is likely to revise down to the mid-70s once remaining results are collected, that's a huge improvement on the final 55.2 per cent rate of a year ago.

Melbourne prices also rose 0.1 per cent as it hosted 416 auctions at a preliminary clearance rate of 70 per cent.