Despite lower volumes, final clearance rates across the combined capitals are set to hold above 70 per cent this week, continuing a strong growth trajectory from three weeks prior.
According to the latest CoreLogic market activity update, as of Sunday, 8 September 2019, 1,529 homes were taken to auction across the combined capital cities, returning a preliminary clearance rate of 77 per cent. This is slightly less than the previous week, which saw 1,615 homes taken to auction.
“This time last year, 1,916 auctions were held across the capital cities with a final clearance rate of just 55.3 per cent,” CoreLogic said of the 2018 comparison.
“The final clearance rate across the combined capitals has held at or above 70 per cent for the last three weeks and this week is set to be no different.”
Taking a closer look, CoreLogic recorded 769 auctions in Melbourne over the past week, returning a preliminary clearance rate of 76.6 per cent.
In comparison, last week saw 768 homes taken to auction and a final clearance rate of 74.4 per cent was recorded. Over the same week last year, a clearance rate of 60 per cent was recorded across 891 auctions, CoreLogic said.
In terms of Sydney, 522 auctions were recorded in the harbour city this past week, with a preliminary clearance rate of 83.1 per cent. By comparison, 656 auctions were held across Sydney this time a year ago, returning a final clearance rate of just 50.6 per cent.
Across the smaller auction markets, Brisbane and Adelaide saw lower auction volumes week-on-week at 82 and 75, respectively, with preliminary clearance rates of 60.3 per cent and 76.2 per cent, respectively.
Canberra saw an increase in the number of homes taken to auction over the week at 54, with a preliminary clearance rate of 66.7 per cent. Meanwhile, Perth and Tasmania saw no change in auction activity week-on-week, according to CoreLogic.