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Auction activity up despite lower volumes


The auction clearance rate across Australia's five major capital cities rose in the past week, despite a fall in the number of auctions held due to a public holiday falling on the following Monday across several states and territories. Meanwhile home prices remain unchanged.

Only 1,721 homes went under the hammer in the week to March 11, compared to 3,026 auctions in the previous week, but the auction clearance rate rose from 63.6 per cent to 67.3 per cent, property research group CoreLogic says.

The clearance rate is, however, lower compared to the 75.1 per cent recorded a year ago.

Home values were largely flat for the week with a decline in Sydney and Adelaide offset by gains in Brisbane and Perth.

On a monthly basis, home prices fell 0.2 per cent with Sydney showing the largest decline of 0.5 per cent.

Adelaide and Perth each slid 0.1 per cent over the month, while Brisbane rose 0.1 per cent and Melbourne remained unchanged.