auctions

Despite capital city auctions reducing for the third week in a row, last week saw the nation’s preliminary clearance rate soar to a five-week high, according to CoreLogic.

With auctions recommencing this weekend, property analytics company CoreLogic has warned that the market will likely be off to a slow start.

The combined capitals preliminary clearance rate held above 60 per cent for the sixth consecutive week, latest Corelogic data reveals.

Brokers are already feeling the impact of the August rate cut as buyer activity picks up and property becomes more competitive.

New figures from Corelogic have revealed that both auction levels and preliminary clearance rates fell marginally in the week just gone.

While total auction activity may be down, it’s forcing more competition into the market, if the latest CoreLogic figures are anything to go by.