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Auction activity has dropped 16 per cent compared to last year, yet strong clearance rates above 70 per cent persist across the combined capitals for the ninth consecutive week.
Cotality’s Property Market Indicator Summary has revealed 1,584 auctions were held across the combined capitals in the week ending 10 August.
The figures indicate a steep decline in the number of homes that went to auction this time last year, dropping 16.2 per cent.
Nevertheless, clearance rates remained strong, staying above 70 per cent for the ninth consecutive week at 71.7 per cent.
Out of the capital cities, Melbourne saw the highest volume of auctions last week, with 742 homes going under the hammer recording a 70.9 per cent clearance rate. Cotality indicated that the Melbourne market has held a preliminary clearance rate above 70 per cent since May.
In Sydney, 559 homes went to auction and recorded a 74.3 per cent clearance rate on the current data, indicating a a small decrease on the previous week.
Meanwhile, Brisbane saw 127 homes go under the hammer. With a preliminary clearance rate of 67 per cent.
Though it was the lowest clearance rate in four weeks, the data indicated an increase from earlier in July, when only 61.3 per cent of auctions recorded a successful result by Monday.
As for Adelaide, only 92 properties went under the hammer last week. The city recorded its highest clearance rate in three weeks at 70.3 per cent.
The ACT held 56 auctions last week. Its clearance rate jumped from 65.8 per cent the week prior to 75.6 per cent. It’s the highest clearance rate since June for the market.
In Perth, only eight auctions were held last week. Five results have been collected as of yet, with one successful auction.
No auctions have been held in Tasmania for the last three weeks, Cotality’s data showed.
Despite auction volume being 16 per cent lower than this time last year, Cotality predicts that the number of homes heading to auction will jump with 1,940 homes scheduled for auction this week.
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