Despite high prices in the capital cities, Australian housing remains popular with buyers, according to the latest auction clearance rates.
Stats from CoreLogic show that auction clearance rates were up around Australia, going from 72.8% to 77.2% week on week, and outpacing the 68.9% clearance rate recorded at the same time last year.
In volume terms, 2794 auctions were recorded in the past week, up from the previous week’s 2409, as well as the 1920 recorded at the same time last year.
The busiest market was found in Melbourne, where 1164 auctions saw a clearance rate of 79.2%. The next highest number of auctions were found in Sydney with 796, clearing 80.7%.
The smallest market recorded was Perth, with a clearance rate of just 50% for the 18 recorded auction results.
These clearance rates indicate that not even double-digit growth in median property prices over the past year are slowing down the hot Sydney and Melbourne auction markets. Conversely, Perth’s slower auction market remains consistent with the city’s median price decline.