Auction volumes across combined capital cities improved significantly on Sunday, June 17 – more than doubling the numbers from the week prior, according to preliminary data from CoreLogic’s Property Market Indicator Summary.
A total of 1,991 homes were auctioned, up from the 904 last week when the Queen’s Birthday long weekend tiggered low volumes. The preliminary clearance rate also climbed to 56.9%, notably higher from previous week’s 53.8%, the lowest level recorded across the combined capitals since 2012.
Melbourne was back as the busiest city for auctions week, listing 988 homes and returning a preliminary clearance rate of 58.7%. This is notably higher compared to last week’s 54.9%, which resulted in only 275 successful auctions.
Meanwhile, 701 auctions were held in Sydney, last week’s top auction spot. These resulted in a preliminary auction clearance rate of 55.8%, a significant leap from last week’s 56%.
The most expensive sale last week was a two-bed, one-bath, and two-car unit in Bondi Beach, New South Wales (NSW) which sold for $5 million. The second-highest sale was also in NSW: a four-bed, two-bath, and two-car house in Cremorne that went for over $4.1 million.
Darwin held the highest median “time on market” length among houses at 86 days, followed by Perth (82 days), and Brisbane (62 days).
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