Australia’s auction success rate reached 75.1% last week, marking its highest level in more than a year.  

New CoreLogic data showed last week’s combined capital city clearance rate was the highest since mid-February 2022 when it reached 75.7%. 

There were 1,750 auctions were held across the country last week, compared to 1,739 in the previous week.  

Melbourne and Sydney remained the most active markets, with 732 and 650 auctions respectively. 

Melbourne’s preliminary clearance rate held above 70% for the fourth consecutive week, while Sydney recorded its highest preliminary clearance rate since mid-February 2022, with 78.5% of properties sold successfully. 

The smaller capital cities also saw a significant amount of auction activity.  

Brisbane was the busiest auction market this week, with 129 auctions held, followed by Adelaide with 128 and Canberra with 97.  

Adelaide recorded the highest preliminary clearance rate among the smaller capitals, with 72.1% of properties sold successfully. 

It comes as Australian housing values look to have bottomed out, as values rose 0.5% in April to mark the second consecutive monthly rise.   

Recent CoreLogic data showed Sydney values led the way, increasing 1.3% last month.   

There was a 0.6% lift in housing values across the country in March following a -9.1% fall between May 2022 and February 2023.  

In further evidence that a positive growth trend has emerged, the four largest capital cities all recorded a rise in housing values over the rolling quarter.