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Capital cities recorded a stronger week for auction clearance rates amid higher volumes, as the property market grows more bullish in line with easing restrictions and improving sentiment.
According to CoreLogic’s data, 1,835 homes went under the hammer across the combined capital cities in the past week – up from 1,453 over the previous week and almost double the 915 auctions held during the same period last year.
Combined capital city auctions saw a preliminary clearance rate of 74.6 per cent out of the 1,419 results collected so far. This is a slight improvement from the previous week’s final auction clearance rate of 73.7 per cent.
The latest preliminary figures were also higher than the 67.7 per cent auction success rate recorded in the same period last year.
In Melbourne, where a high number of properties have been withdrawn since the start of the latest lockdown, clearance rates and volume continued to improve.
With one-on-one property inspections now permitted across the city, the withdrawal rate fell to its lowest level since the week ending 15 August. A total 565 properties went under the hammer, meaning 10.2 per cent were withdrawn from auction out of the 629 properties that were originally scheduled.
This marks a turning point for the city that saw 386 auctions over the previous week and only 11 auctions in the same week last year.
Of the 383 results collected so far, agents across the city have reported a preliminary auction clearance rate of 56.4 per cent, the highest preliminary clearance rate Melbourne has seen since mid-August. Additionally, of the 216 sold results, 59.7 per cent were sold prior to the scheduled auction date.
The final auction clearance rate for the week before came in at 55 per cent, revised up from the preliminary auction clearance rate of 54.4 per cent.
CoreLogic noted that Melbourne’s withdrawal rate will likely continue to decline as vendor confidence picks up in line with eased restrictions.
Meanwhile, Sydney saw its busiest auction week since late June, recording 796 auctions this week compared to 661 auctions over the previous week and 677 over the same week last year.
The NSW capital notched its eighth straight week of a clearance rate above 80 per cent, with 82.3 per cent of 693 collected result auctions ending in a sale. In the same period last year, 67.5 per cent of auctions were successful.
In the previous week, Sydney’s preliminary auction clearance rate was slightly higher at 83.2 per cent, but it was revised down to 82.8 per cent at final figures.
Perth was the frontrunner among smaller markets during the week, recording a preliminary auction clearance rate of 90 per cent from 10 auctions.
Adelaide came in next with an 85 per cent clearance, followed by Brisbane with 82.6 per cent and Canberra with 78.6 per cent.
In Tasmania, two of the three auctions held were successful.
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