Australia Markets open in 1 hr 57 mins

Auction numbers fall but clearance rate up


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

Despite the lower number of auctions, the clearance rate rose from 63.6 per cent to 67.3 per cent, property research group CoreLogic says.

The rise 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.