A total of 1,172 homes were taken to auction across the combined capital cities during the second week of July, according to CoreLogic’s Property Market Indicator Summary.
The week returned a preliminary auction clearance rate of 55.8%, up from the previous week’s final clearance rate of 52.6%, over 1411 auctions.
Over the same week in 2017, auction volumes were higher, with 1,627 listed across the combined capital cities and a success rate of 69.4%.
Melbourne, Australia’s largest auction market, saw a preliminary auction clearance rate of 60% across 560 auctions this week, climbing from 56.1% across a higher 631 auctions the preceding week. One year ago, the clearance rate was more robust at 74.9% across 756 auctions.
Holding the second auction spot, Sydney logged 403 auctions during the week returning a preliminary auction clearance rate of 52.4%, compared to 50.1 % across 552 listings last week, and 69.2% across 609 auctions in 2017.
The most expensive property sold last week was a three-bed, two-bath, and four-car house in Paddington, New South Wales (NSW) which sold for $4.8 million. The second-highest sale, meanwhile, was in Darlinghurst, NSW: a three-bed, two-bath, and two-car unit that went for more than $3.8 million.
Perth took over as the city with the highest median “time on market” length among houses at 79 days this week. Darwin came next (73 days), followed by Brisbane (66 days).
Notably, the weighted average has remained within the low to mid 50 % range for nine consecutive weeks now, while auction volumes have trended lower over each of the last four weeks.
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