According to CoreLogic’s Property Market Indicator Summary for the week ending November 6, auction activity is continuing to rise into the final month of spring.
The report found that the preliminary clearance rate was 77.5 per cent across 2,490 reported auction results, higher than last week’s final clearance rate of 74.4 per cent.
According to CoreLogic the high rate of clearance is particularly evident in certain capital city markets.
Sydney reported the highest clearance rate of 82.1 per cent, closely followed by Melbourne with an 80.5 per cent clearance rate, up from the previous week’s 77.5 per cent.
Similarly, Canberra reported a clearance rate of 79.5 per cent and has been producing high clearance rates above 70 per cent for four weeks in a row.
Meanwhile, Adelaide posted an auction clearance rate of 68.1 per cent for the week, followed by Tasmania (66.7 per cent) and Brisbane (54.1 per cent).