Auction clearance rates have again lifted following the Coalition election victory.
According to CoreLogic data, 1,654 homes went under the hammer last week, down from 2,055 the previous week. But lower volumes saw the preliminary clearance rate rise to 62% after the previous week’s post-election bounce of 58%, the highest in more than a year.
CoreLogic’s Kevin Brogan says the buoyant figures demonstrate the market has reacted favourably to Labor’s election loss. “There’s a lot of positive conversation in the market,” he says. “We’re seeing more confidence in purchasing, which is also due to the APRA softening the buffer for loan serviceability testing. I expect the stimulus will continue for some time.”
Sydney was the best performing capital city, with a preliminary clearance rate of 66% across 674 homes. The previous week saw Sydney achieve its highest final clearance rate in over a year, with 62% of 707 homes selling at auction.
Melbourne returned a 64% preliminary auction clearance rate across 733 auctions, up from the previous week’s final clearance rate of 60%.