Australia's auction market returned from a seasonal slowdown and clocked strong gains in volume and success rate, according to the latest figures from CoreLogic.
Auction volume almost doubled from the previous week to hit 1,122, which returned a clearance rate of 69.4%.
In terms of property type, 779 homes and 343 units were auctioned across capital cities.
"As the remaining results are collected, the final clearance rate is expected to revise lower, however, it's likely to come in higher than last weeks' final clearance rate of 61%," said CoreLogic research analyst Jade Harling.
The recent auction results were significantly stronger than during the same period last year when only 928 homes were auctioned and just over half sold.
Also read: Where Is Sydney's Unit Market Going?
Sydney was the busiest and most successful auction market for the week, hosting 428 auctions and hitting a clearance rate of 79.9%.
The second-highest clearance rate was recorded in Canberra at 77.8%. However, only 70 dwellings were auctioned in the city.
Melbourne clocked the second-highest auction volume at 401, which returned a success rate of 74%.
The weakest-selling auction market was Brisbane — of the 114 homes auctioned, only 36.4% were sold.
The table below shows the performance of each capital-city auction market:
Capital City Auction Markets |
||
Capital City and Dwelling Type |
Auction Volume |
Clearance Rate (%) |
|
Sydney |
428 |
79.9 |
|
280 |
81.3 |
|
148 |
77.2 |
|
Melbourne |
401 |
74 |
|
250 |
76.3 |
|
151 |
70 |
|
Adelaide |
76 |
43.1 |
|
70 |
44.1 |
|
6 |
n.a. |
|
Brisbane |
114 |
36.4 |
|
93 |
40.7 |
|
21 |
16.7 |
|
Canberra |
70 |
77.8 |
|
59 |
81.1 |
|
11 |
n.a. |
|
Perth |
30 |
37.5% |
|
25 |
n.a. |
|
5 |
n.a. |
|
Tasmania |
3 |
n.a. |
|
2 |
n.a. |
|
1 |
n.a. |
|
Combined Capitals |
1,122 |
69.4 |
|
779 |
69.6 |
|
343 |
69.2 |
