Almost 2500 homes were offered for auction throughout Australia’s capital cities last week, with a further 2000 to go under the hammer this coming weekend.

The combined capital city clearance rate came in at 68.7% last week, with Melbourne achieving the highest clearance rate of 70.6%. Sydney was 69.1%, Brisbane, 61.5% and Adelaide, 60.8%.  The results come as property listings continue to rise. REA Group figures show new listings rose by 16.4% in the past month although they remain 7.9% lower than at the same time last year.

Month-on-month new listings are up in all capital cities, while year-on-year new listings are only up in Brisbane and Adelaide. PropTrack senior economist Eleanor Creagh says both the combined capital cities (-7.0%) and combined regional markets (-9.5%) recorded fewer new listings compared to the same time last year.

New listings in Sydney (-7.3%) and Melbourne (-15.1%) are lower than at this time last year, while Adelaide is up 7.1% and Brisbane is up 4%.