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Sellers' early gifts from clearance rates

AAP logoAAP 12/12/2016 Stuart Condie

Sellers trying to unload properties ahead of the holiday period usually depress both housing prices and clearance rates.

Usually, but not always.

Prices in the five mainland capitals were 0.4 per cent higher, on average, last week, while the proportion of auctions ending with a sale has continued to buck the usual seasonal trend by edging higher yet again.

There were 3,411 auctions held over the past week, returning a preliminary clearance rate of 74.6 per cent - up from last week's 72.3 per cent and far above the 58.2 per cent recorded for the same period a year ago.

"The combined capitals clearance rate has been tracking above 70 per cent consistently over the past 20 weeks, with the clearance rate higher than 75 per cent over 11 of the past 20 weeks," CoreLogic said in its weekly market update.

"The last time the combined capital city clearance rate was tracking over 70 per cent over the given period was in 2009."

In Sydney and Melbourne, clearance rates rose to 77.4 per cent and 80.2 per cent respectively.

"Auction activity does not appear to be slowing through the festive period, with auction numbers reaching the highest level since March earlier this year," CoreLogic said.

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