Each week core logic releases a summary of the various property market indicators to give us an idea of what’s ahead for our real estate markets.
This week they report that…
The biggest week for auctions so far this year returns a preliminary clearance rate of 71.2 per cent.
Auction volumes rose substantially this week, with 3,519 capital city auctions held, representing the busiest week for auctions so far this year.
The rise in auction volumes this week doesn’t come as a surprise as auction volumes are traditionally high the week prior to Easter.
To put this into perspective, last year, over the week leading up to Easter there were 3,668 capital city auctions, 3,534 in 2014 and a lower 2,649 in 2013.
On the back of high volumes, the weighted average clearance rate for the combined capitals was 71.2 per cent this week, up from last week when the clearance rate saw its second lowest reading so far this year (64.9 per cent).
At the same time last year, 75.9 per cent of the 2,896 auctions held were successful.