Following the two weeks of weakness due to the impact of national sporting events, Australia's auction market managed to get back on track, recording growth in auction volume and clearance rates, according to CoreLogic.
Across the combined capital cities, 2,017 homes were taken to auction, returning a preliminary clearance rate of 77.3%. During the previous week, only 67.6% of the 1,324 houses were successfully purchased.
While the clearance rate will revise lower as final results are collected, the CoreLogic report said it will likely hold around the low to mid-70% range.
Read more: Investors Fuel Housing Gains In Sydney, Melbourne
For the first time in several weeks, the auction results were significantly better on annual terms. During the same time last year, 1,851 auctions were held across the combined capitals, with less than half returning a successful result.
After taking a dive in the preceding week due to the NRL grand final, Sydney was able to rise on top of the leaderboard again in terms of clearance rate. The city registered an 82.3% success rate for 729 auctions.
Melbourne, on the other hand, maintained its position as the busiest city for auction, with volume hitting 977 homes.
Check out the table below to see how each state capital performed:
Capital City |
Clearance Rate |
Total Auctions |
|
Sydney |
82.3% |
729 |
|
Melbourne |
76.7% |
977 |
|
Brisbane |
59.4% |
122 |
|
Adelaide |
78.4% |
86 |
|
Perth |
42.1% |
22 |
|
Tasmania |
n/a |
7 |
|
Canberra |
78.5% |
74 |
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