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Auction volumes for the week ending 17 August surged to a seven-week high following the Reserve Bank’s recent cash rate cut.
Cotality’s latest Property Market Indicator Summary showed that the preliminary auction clearance rate across the combined capitals rose to 75 per cent last week.
The figure is 3.3 percentage points higher than the previous week, marking the highest early clearance rate since the first week of April last year.
Nationwide, 1,972 capital city homes were taken under the hammer, representing a 24.3 per cent increase on the week before and the highest volume of auctions in seven weeks.
Melbourne saw the highest number of homes going under the hammer with 961 auctions, a 29.5 per cent jump on the volume of auctions held the previous week.
Additionally, Victoria’s capital has seen 75.5 per cent of auctions reported as successful so far, 4.6 percentage points higher than the previous week.
In Sydney, 720 auctions were held last week, recording a 29.5 per cent leap from the week prior, which saw 556 homes go to auction.
So far, 75 per cent of auctions in Sydney have been reported as sold based on early results, the highest preliminary result since the week ending 13 July.
Brisbane saw 137 homes go under the hammer, a 10.5 per cent increase on the previous week.
As for Brisbane’s preliminary clearance rate, so far 69.6 per cent of auctions have been successful, up 2.6 percentage points on the week prior.
In Adelaide, 90 homes were auctioned last week, with 78 per cent so far reported as sold in early results, marking the highest preliminary clearance rate since the last week of June when it was 80 per cent.
Canberra held 52 auctions last week, a slight decrease from the previous week when 57 homes were going under the hammer.
Meanwhile, Canberra’s preliminary clearance rate rose to the city’s highest since the first week of June last year at 80.6 per cent.
In Perth, six of 11 auction results have so far been reported as successful, while one auction scheduled in Tasmania last week was sold after auction.
Cotality predicted auction activity to further rise this week, with about 2,100 homes currently scheduled for auction.
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