Market continues to strengthen: RP Data's national auction wrap

A preliminary weighted average clearance rate of 70.7% was recorded this week across capital cities compared to 67.2% last week and 64.1% this time last year.

Demand in the Sydney market has pushed the national preliminary clearance rate over the 70% mark for the first time since the middle of March this year.

Low winter volumes are a factor as the clearance rate recorded its sixth consecutive increase. A preliminary clearance rate of 76.9% was recorded in Sydney compared to 75.6% last week.

A clear improvement was seen in Melbourne compared to last week, with a preliminary clearance rate of 69.6% recorded compared to 66.4% last week.

In Brisbane a preliminary clearance rate of 54.1% was recorded compared to 43.3% last week. Adelaide recorded a clearance rate of 72.7% compared to 60.9% last week.

In Canberra a clearance rate of 71% was recorded and in Perth there was a clearance rate of 30%.