Though the auction clearance rate was  higher this week, the mood around auction activity at the beginning of spring is lukewarm.

Last week's preliminary capital city auction clearance rate came in at 70.2 per cent, according to CoreLogic, while the previous week's revised final clearance rate fell to 66.4 per cent, the lowest rate so far this year.

Volumes were up from the previous week, with 2,225 properties going under the hammer, up from 2,074 the previous week, and also up from the 2,062 recorded at this time last year.

REINSW deputy president Leanne Pilkington told SCHWARTZWILLIAMS, "Almost three quarters of Sydney’s 810 auctions sold over the weekend." 

"Some Sydney regions experienced clearance rates over 80 per cent, which demonstrates the ongoing strength in most parts of the market."

"Agents are still reporting strong interest across Sydney, but with lower numbers of people coming through open homes," said Pilkington. 

"We expect ongoing stability in prices and rates throughout Spring, despite the increased stock levels," she said.

Source: CoreLogic.

REIV data shows there were 773 auctions held last week, with a preliminary clearance rate of 73 per cent.

“The city’s northern suburbs continue to experience solid results under the hammer," REIV president Joseph Walton told SCHWARTZWILLIAMS.

"The City of Hume recorded a 90 per cent clearance rate this weekend," he said.
 
“While clearance rates have dipped slightly in the past few weeks, the traditional spring selling season is likely to heat up after Grand Final weekend," predicted Walton.

“With another 2,000 auctions scheduled for the month, it is looking to be the third highest auction volumes for the month of September.” 

Read more about auction clearance rates:

Sydney market headed for "a few years of flat capital growth": REINSW

Selling up in Melbourne to be mortgage free in Geelong

Weekend auctions litmus test of new first-home-buyer benefits