CoreLogic weekly market update

By Caitlin Fono, Research Analyst, CoreLogic Australia.

The preliminary clearance rate across the combined capitals came in at 71.5% last week, 40 basis points higher than the previous week (71.1%) which revised down to 65.4% once finalised. By Caitlin Fono, Research Analyst, CoreLogic Australia

The combined capital city preliminary auction clearance rate has risen above 60 per cent for the third consecutive week, with Sydney and Melbourne both returning rates above 70 per cent for the week ending June 30.

Melbourne was the standout in last week's auction results, with agents attributing proactive bidding to an undersupply in the market.

Sydney will most likely return its highest weekly clearance rate in more than a year following a significant rise in last week's results.

An increase in Brisbane auction volumes across last week has been met with a reduced clearance rate across the city, suggesting vendors are confident in direction of the market.

Months of political uncertainty culminated in a predictably soft auction market last week, as less than 1000 homes went under the hammer across the capital cities. 

The last weekend before the federal election put any hopes of a further rebound from the Easter/Anzac Day public holiday to rest, as volumes decreased across the capital cities.

Increased volume nationally and another strong Sydney clearance rate have featured in auction results for the beginning of May.