CoreLogic’s latest Property Market Indicator Summary showed that last week was the busiest week for auctions since the week ending 24 June, as 1,692 homes went under the hammer across the combined capital cities with a preliminary auction clearance rate of 56.7%.
Qualifying the results, the report noted that units outperformed houses this week with 58.5% of units being sold at auction, while only 56% of houses were bought.
Known for being one of the in demand cities for auctions, Melbourne recorded a preliminary auction clearance rate of 55.7% across 868 auctions, an increase in number over the previous week, which saw 721 auctions logged, although last week’s final clearance rate of 58% was a tad higher.
When compared to the same period last year, the clearance rate was a stronger 75.6% across 1,001 auctions.
In Sydney, there were 572 homes listed this week, returning a preliminary clearance rate of 56.5%. This has been the busiest week for the city since the week ending 1 July 2018.
The preceding week saw 458 auctions held in New South Wales’ returning a final auction clearance rate of 53.8 %. In 2017, 720 auctions were taken to auction and the clearance rate came in at 67.8%.
The most expensive property sold last week was a five-bed, three-bath, and four-car house in Vaucluse, New South Wales (NSW) which sold for over $5,150,000. The second-highest sale, meanwhile, was in Wahroonga, NSW: a five-bed, four-bath, and two-car house that went for $4,440,000.
Perth was city with the highest median “time on market” length among houses at 89 days this week. Brisbane came next (66 days), followed by Darwin (63 days).
Prior to this week, a total of 1,402 auctions were held and the final clearance rate was 54.9%. Over the same week last year, auction volumes were higher with 2,064 homes listed across the combined capital cities and the clearance rate was more robust at 69.8%.
Related stories:
Australia's Auction Activity Remains Subdued
June Auction Clearance Rates Decline
