The auction market continues to record positive results as auction volumes maintain its upward trend, and preliminary clearance rates are higher than the previous week’s figures.
CoreLogic reported that there were 1,444 homes taken to auction across the combined capital cities over the week, up from the past week when 928 homes went under the hammer. However, this is lower than the 1,992 auctions logged during the same period in 2018.
Preliminary clearance rates, on the other hand, are at 55.2% and are expected to revise over the week as remaining results are collected.
Last week’s final clearance rate across the combined capitals significantly jumped to 51.1%, marking the first time the final clearance rate hit the above 50% mark since September. Prior to that week, final results were at 42.8%. Year-over-year, the numbers are lower compared to the clearance rate of 66.1% recorded.
Going by the data for each capital city, CoreLogic revealed that Melbourne was host to 657 auctions this week with preliminary results showing a clearance rate of 54.2%. This is higher than last week when the final clearance rate was at 52.4% across 350 auctions.
The auction clearance rate was higher over the same week last year, with 69.8% of the 932 auctions returning a successful result.
Sydney logged a total of 521 auctions with a preliminary clearance rate of 61%, up from 54% across 322 auctions last week. During the same time the past year, 737 homes were taken to auction across the city returning a clearance rate of 67.8%.
Brisbane and Tasmania were the only cities to log auction volumes drop week-on-week among the smaller auction markets.
