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The number of homes going under the hammer has increased again over the past week, according to new figures released by CoreLogic.
According to CoreLogic’s weekly report, there were 1,262 homes scheduled for auction for the week concluded 21 June, returning a preliminary auction clearance rate of 66.1 per cent.
This was up from the 63.3 per cent preliminary clearance rate last week across 1,181 auctions, which later revised down to 59.3 per cent at final figures, the group noted.
“This week, as auction volumes increased across the combined capital cities, so too did the clearance rate.”
Sydney and Melbourne recorded volumes of 564 and 526, respectively, with preliminary clearance rates for both capitals coming in above the mid-60 per cent mark.
“There were 564 Melbourne homes scheduled for auction this week, increasing on the 471 auctions last week. The city returned a preliminary success rate of 65.8 per cent, rising on last week’s preliminary result of 61 per cent, which by final result came in at 56.3 per cent,” CoreLogic said.
“Last year, the city returned both a higher success rate and higher volumes (635 auctions – 68.9 per cent).
“Sydney’s preliminary figures show that 68.5 per cent of homes sold at auction this week, up on the 67.3 per cent preliminary figure last week, which later came in at 63.7 per cent by final results.
“This week’s improved Sydney clearance rate was across a slightly lower volume of auctions over the week, with 526 scheduled from 545 the previous week. One year ago, 558 Sydney homes were taken to auction, returning a final clearance rate of 60.9 per cent.”
Meanwhile, the group noted results across the smaller capital city auction markets were mixed.
“Canberra continued to have the highest clearance rate of the capital city markets, which is a trend seen over the previous four weeks,” it said.
“The preliminary clearance rate across Canberra for the week end[ed] 21 June was above 70 per cent, while only 20 per cent of Perth auctions recorded a successful result.”
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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