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New research has painted a positive picture for auction activity, with 63.3 per cent of homes across the combined capital cities selling at auction over the week concluded 14 June.
According to CoreLogic’s latest Property Market Indicator Summary, the week saw the combined capital city preliminary auction clearance rate improve, with 63.3 per cent of homes selling at auction.
“The higher clearance rate was against a higher volume of auctions, with 1,164 properties scheduled for auction, the busiest week for auctions since the week ending 19 April,” CoreLogic said.
“Last week, there were 711 scheduled auctions, with a preliminary clearance rate of 59.8 per cent, later revising down to 56.2 per cent at final figures.
“While volumes remain lower than one year ago, the gap was less significant this week, with 1,505 auctions held one year ago when 61.8 per cent cleared.”
The research found Sydney and Melbourne both returned preliminary clearance rates above 60 per cent this week.
“There were 474 Melbourne homes taken to auction with a 61 per cent success rate, which was more than double the volume of auctions held last week (195), when a final clearance rate of 60.1 per cent was recorded,” CoreLogic said.
“Sydney’s preliminary figures saw 67.3 per cent of homes successful at auction last week, with 532 auctions held across the city, higher than the 398 last week when 56.8 per cent sold.”
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