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Auction clearance rate at 18-month high

AAP logoAAP 24/10/2016 Garry Shilson-Josling, Economist

The housing auction clearance rate has hit its highest point since April last year.

The proportion of auctions ending with a sale over the week to Sunday was 80.2 per cent, well up from 76.2 per cent the week before and 64.9 per cent in the corresponding week of 2015, figures from CoreLogic show.

The average price achieved at housing auctions in the five mainland state capitals over the week ending Sunday was up 0.1 per cent from the previous week and 6.9 per cent from a year earlier

The weekly rise in prices and the sky-high clearance rate were achieved despite a lift in the number of auctions to 2,641 from 2,443 the week before, although the number of auctions held last week was down sharply from 3,143 this time last year.

Prices were up by 0.3 per cent in Sydney and by 0.6 per cent in Brisbane, steady in Melbourne and down by 0.7 per cent in Adelaide and by 0.6 per cent in Perth.

Sydney had the biggest annual rise with a gain of 10.2 per cent, then came Melbourne with a yearly rise of 7.9 per cent.

Annual rises were more moderate in Brisbane, 4.8 per cent, and Adelaide, 2.4 per cent, while prices in Perth were down by 4.4 per cent through the year.

The figures were released shortly before treasurer Scott Morrison was due to make an address detailing a plan to relieve upward pressure on prices by encouraging the states to release more land for housing.

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