Australian auction clearance rates showed signs of improvement last week, up to 54.1 per cent from the initial estimate of 47.8 per cent a week earlier.
The lift in auction clearance rates, coincides with the Reserve Bank of Australia shifting to a neutral stance on interest rates.
According to Corelogic, 929 auctions look place across all capital cities, up from 536 in the prior week of which 42.8 per cent were sold.
Of those, CoreLogic received results from 627, representing a reporting rate of just 67.5 per cent.
Once all results are collected, CoreLogic expected final figures to revise lower as the remaining results are collected to remain around the mid-to-low 40 per cent range.
Although clearance rates and activity remain low, the early flow of auction data this year shows a “subtle bounce back in the clearance rate” relative to the lows recorded through December last year.
Weekly clearance rate, combined capital cities
While the talk of lower interest rates may be encouraging renewed buyer demand, CoreLogic pointed to a seasonal trend similar to what has been seen over previous years.
“Comparing results to one year ago, volumes and clearance rates are significantly lower than what were seen over the corresponding week last year, when 1,470 capital city homes went to auction and 63.7 per cent sold,” CoreLogic said.
Capital city auction statistics (preliminary)
Across individual capital city markets, Sydney led the national improvement last week, recording a preliminary clearance rate of 59.2 per cent.
“Sydney was the best performing capital city auction market according to final results last week, while this week’s preliminary clearance rate is also the highest amongst the cities,” CoreLogic said.
Melbourne was the busiest market, with 352 auctions listed with preliminary figures suggesting 53.7 per cent sold.
In Brisbane, a clearance rate of 42.6 per cent from 91 listings meant the weakest returns of all the capitals.
In Adelaide, 52.5 per cent of 76 homes listed have changed hands on preliminary numbers, and in Perth 42.9 per cent were sold from 36 listings.
Even-though buyers remain cautious and edgy within the current market, a number of high-profile properties sold over the weekend to help push rates higher.
In Sydney, a three-bedroom property in Balmain East was sold for $3.95 million while a four-bedroom house in Brisbane's Hawthorne sold for $2.15 million.