CoreLogic RP Data released its final auction clearance rates for last week this morning
CoreLogic RP Data released its final auction clearance rates for last week this morning. Across the combined capital cities there were 1,541 auctions and we collected 1,319 results. Clearance rates across the combined area were recorded at 74.0%, their highest reading since the week ending 7/9/14. In the two largest markets, clearance rates were recorded at 70.9% in Melbourne and 83.3% in Sydney. Melbourne's clearance rate was at its highest level since the week ended 26/10/14 and Sydney's clearance rate was at it's highest level since the week ended 8/9/13. The results indicate a strong start to auctions this year with the market most likely buoyed by the recent 25 basis point cut to official interest rates which have been passed on in full by all of the major banks.