Auction clearance rate rises

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Australia’s capital city auction clearance rates edged up to 72 per cent last week, up from 67 per cent recorded during the election weekend.

The housing market has stabilised with the federal election out of sight. There were 1,365 auctions held in the state capitals last week, which was up from a below-par 841 in the week before.

The clearance rate results were led by Sydney’s housing market, which recorded a preliminary clearance rate of 79 per cent. Melbourne, Adelaide and Canberra followed closely behind with recorded clearance levels above 70 per cent.

Annual growth across the five state capitals was 7.2 per cent for last week, compared to 10 per cent a year earlier. Sydney recorded the fastest growth over the past four weeks with a 1.7 per cent increase in prices.

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