CoreLogic RP Data revealed that some 70 per cent of combined capital city auctions were successful for the week ending April 24, with Sydney reporting a preliminary clearance rate of 78.4 per cent.
Sydney is leading the capital city clearance rates, although it was lower than the 82.3 per cent recorded this time last year. Its clearance rates rose from 69.8 last week, with the Eastern suburbs being the most successful region for auctions with a clearance rate of 91.4 per cent.
Melbourne registered a preliminary clearance rate of 71 per cent, with its inner sub-region having a 70.3 per cent clearance rate from 91 results.
Clearance rates in Brisbane fell to 40.9 per cent from 47 per cent last week, with the Gold Costa preliminary clearance rate of 41.4 per cent. Adelaide's clearance rate also fell to 59.7 per cent this week. Perth had a 30.4 per cent clearance rate while Canberra recorded 69.4 per cent—its strongest clearance rate in six weeks.
Mirroring these auction clearance rates is the slowdown in house price growth across capital cities, although there had been a significant acceleration in Sydney prices since the start of the month. CoreLogic RP data shows that prices in Sydney have jumped by 2.5 per cent since the end of March, leaving them up 4.3 per cent from the beginning of the year.
Prices have also risen by only 1.4 and 1.2 per cent in Adelaide and Brisbane, outpacing the 0.9 and 0.1 gains in Perth and Melbourne.
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