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Australian property auction clearance rates 'highest for three months'

Investors in the Australian property market had the largest choice of houses to purchase for three months last week, new data shows.

Statistics from CoreLogic that show how many properties are put up for auction across Australia each week reveal that 2,000 were available to buy through this channel during the week that ended yesterday (Sunday August 13th).

The previous seven-day period saw 1,850 property auctions takes place throughout the country, so this marks a significant increase over the course of the week and signals that the housing market currently has plenty to offer for property investors.

Of the homes up for auction, some 70.5 per cent were sold last week, up from 68.2 per cent the previous week.

Canberra was the best-performing auction location last week, with 87 per cent of its properties selling, with the most expensive a five-bedroomed home that was purchased for $2.875 million. However, Sydney was home to the property with the highest price tag last week, a harbourfront property that was bought for $8 million.

Adelaide was the place with the second highest level of activity, with just under three-quarters (72.9 per cent) of the houses up for auction in this part of the country selling, while Sydney came in third place with a clearance rate of 72 per cent.

This was followed by Melbourne (71 per cent), with CoreLogic auction analyst Kevin Brogan commenting: "Melbourne has remained the stronger performer for many weeks, but it was possible that Melbourne's final clearance rate could drop below the 70 per cent mark for the first time since July last year."

Following behind Melbourne was Brisbane with a property auction clearance rate of 48.7 per cent for the week spanning Monday August 7th to Sunday August 13th.

Meanwhile, 40 per cent of the properties up for auction in Perth were snapped up by investors, which demonstrates just how much the clearance rate can fluctuate between different areas.

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