Auction Clearance Rates Remain High

Despite higher interest rates, homebuyers remain active in the market, with the last data from CoreLogic recording strong preliminary auction results.

CoreLogic said that 73.8% of homes taken to auction nationally returned a successful result, marking the eighth consecutive week with a preliminary clearance rate of 70% or more.

Sydney recorded a preliminary clearance rate of 78.7%, up 4.2% from the prior week’s result (74.5%).

However, Melbourne recorded its lowest preliminary clearance rate in 11 weeks, down 2.8% from last week’s preliminary rate of 72.9%, which was revised to 69.5% at final numbers.