Login
iscover
The unseasonably high number of properties going under the hammer tested market demand, but new data from CoreLogic showed seven in 10 properties are still selling at auctions.
A total of 1,961 homes were auctioned across the combined capitals in the week ending 30 July, representing a 13.1 per cent increase in the number of dwellings taken to auction from last week.
This marks the third consecutive week the number of properties taken to auction has risen.
But despite the increase in auction volume, data showed 70.2 per cent of the 1,481 results collected so far were successful – indicating strong demand for properties across capital cities.
Notably, this week’s preliminary clearance rate is only 50 basis points lower than last week’s result of 70.7 per cent.
This week, Melbourne continued its unseasonal trend of increased activity, holding the highest number of auctions with 846 homes going under the hammer, a significant 24.4 per cent increase from the previous week.
Out of the 668 results collected, the Victorian capital achieved a preliminary clearance rate of 69.9 per cent, showing a 1.9 percentage point improvement compared to last week’s preliminary result of 68 per cent.
For comparison, the previous week saw 681 homes go to auction across the city, returning a final clearance rate of 64.6 per cent.
The city’s outer east, where 80.3 per cent of the 74 auctions ended successfully, was Melbourne’s strongest performing subregion. Meanwhile, the city’s west, where only 45.6 per cent of 98 properties that went under the hammer resulted in a sale, was its poorest performing region.
Sydney hosted 760 auctions during the same period, marking a 9.4 per cent increase from the previous week’s 695 auctions.
Out of the 573 results collected, 72.4 per cent returned with a positive outcome, indicating a decline of 1.8 per cent compared to last week’s preliminary result of 74.2 per cent.
The NSW capital’s outer south-west was the most successful subregion after 90 per cent of its 14 auctions ended in a sale. On the flip side, just 56.3 per cent of Central Coast’s 19 auctions recorded a positive result, making it the harbour city’s poorest performing subregion.
Across the smaller capitals, Brisbane reported 174 auctions being held, nine more homes than last week. The Queensland capital’s preliminary clearance rate declined by 7.8 percentage points this week to 58.3 per cent.
Adelaide achieved a preliminary clearance rate of 82.8 per cent, making the South Australian capital the leader in auction success among the capitals. It also emerged as the second-busiest among the smaller cities, with 113 auctions held.
This week, Canberra hosted 53 auctions and achieved a 70.6 per cent success rate. On the other hand, Perth had 14 scheduled auctions, with only two recorded as successful and six were withdrawn. There were no auctions scheduled in Tasmania for this week.
Despite auction activity increasing over the past three weeks, which is contrary to the typical seasonal trend during winter, research analyst for CoreLogic Australia Duane Kaak anticipates a decrease in the number of homes taken to auction next week.
Newsletter
