Auction volumes increased week-on-week with 1,487 auctions held across the combined capital cities this week, returning a preliminary auction clearance rate of 66.4 per cent, according to the latest CoreLogic Weekend Market Summary.
The report found that, over the week, the final clearance rate dipped to 48.3 per cent across 805 auctions, with the lower volume of auctions attributed to the Queen’s Birthday long weekend across most of the capitals.
“It’s likely that as the remaining results are collected, the final result will still hold above 60 per cent for the first time in over a year. Over the same week last year, auction volumes were higher (2,002); however, the clearance rate was a weaker 52.4 per cent,” the report said.
It found that Melbourne was host to 725 auctions this week, with preliminary results returning a 67.9 per cent clearance rate.
“Over the previous week, 215 auctions were held across the city, with the final clearance rate coming in at 62.8 per cent.
“This time last year, 992 homes were taken to auction and a final clearance rate of 56.2 per cent was recorded. Melbourne’s final clearance rate has held above 60 per cent for three of the last four weeks, and this week will be no different.”
In Sydney, 522 homes were taken to auction this week, up from 313 last week.
“The preliminary clearance rate came in at 74.7 per cent this week, increasing from 56.2 per cent last week,” the report said.
“Even after we see the usual downwards revision over the week, it’s looking like this week will be the most successful result the city has seen since at least April last year, or possibly longer.”
The report also found that, a year ago, a clearance rate of just 49.4 per cent was recorded across 708 auctions.
“Across the smaller auction markets, Adelaide and Canberra saw an increase in the number of homes taken to auction this week, while Brisbane and Perth saw lower volumes week-on-week. There were no auctions held in Tasmania this week.”