Auction clearance rates have rebounded with buyers still keen to buy under the hammer.

According to CoreLogic figures, the national preliminary clearance rate hit 71% last week, the first time it has surpassed 70% since April 2022.

Sydney had a clearance rate of 78% and Melbourne 68%.

In the smaller capital cities, Adelaide once again had the highest preliminary clearance rate of 69%, followed by Canberra (66%) and Brisbane (63%).

As 2023 gets into full swing it is expected the number of properties being offered for auction will increase in the coming week, with about 2,500 homes scheduled to go under the hammer.

CoreLogic’s Tim Lawless says the rebound, particularly in Sydney, reflects a stabilising of the market.

“It’s really a strong result, something we haven’t seen in a year, well before interest rates started rising,” he says.

“Auction clearance rates have been improving and getting into the 70% range since the end of last year, but these numbers are a step-up.”