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The amount of auctions taking place across the combined capital cities continues to rise, with the past week seeing a 21 per cent increase in volumes, according to CoreLogic data.
The CoreLogic Property Market Indicator Summary has revealed there were just under 2,000 capital city homes taken to auction for the week ended 22 September 2019. This marks an increase in volumes of 21 per cent over the week prior (1,639 total).
“The higher volumes returned a preliminary auction clearance rate of 74 per cent, increasing on last week’s final result of 72.8 per cent,” the CoreLogic report noted.
“While we did see a pickup in auction activity this week, volumes remain lower than one year ago; over the same week last year, around 400 more properties were taken to auction, although almost half of these failed to sell.
“Across the individual property types, the last five weeks has seen houses consistently outperformed units in terms of clearance rate, with 74.9 per cent of houses selling at auction this week, while across the unit market a lower 71.2 per cent preliminary clearance rate was recorded.”
According to the data, there were 1,022 Melbourne homes taken to auction this week, 77.8 per cent of which returned a successful result. This is up on the 74.5 per cent final auction clearance last week when volumes were lower (826), CoreLogic said.
Meanwhile, Sydney returned a final auction clearance rate of 76.6 per cent this week as volumes increased across the city. There were 647 homes taken to auction, up on the 585 homes auctioned the week prior when 76 per cent sold, it added.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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