No interest rate cut impact on auctions, yet: Robert Larocca

A preliminary weighted average clearance rate of 66.9% was recorded this week across capital cities compared to 61.6% last week and 68.2% this time last year.

This weeks result compares well to the 2014 market when an overall clearance rate of 67.8% was recorded. It also broadly reflects the moderate growth recorded in home values this year.

The positive impact of the rate cut will take a few weeks to be apparent on a national wide scale as volumes are still low. If the rate cut is to encourage a few more active buyers and sellers it will also take a few weeks to be obvious.

In Sydney a preliminary clearance rate of 80.5% recorded compared to 77.9% last week and 79.5% last year. Compared to last year this is near identical start.

In Melbourne a preliminary clearance rate of 61.4% was recorded compared to 66.3% last week and 67.5% this time last year. It is still early but results so far make it interesting to see which way the market goes as the year has started with lower auction volumes and clearance rates.

In Brisbane a preliminary clearance rate of 45.6% was recorded compared to 43.3% last week.

In Adelaide a preliminary clearance rate of 61.1% compared to 52.7% last week.

In Canberra a clearance rate of 62.8% was recorded compared to 72.7% last week, whilst for Perth a clearance rate of 35.7% was recorded.