A weekend of high temperatures and high clearance rates

There were 2,950 auctions held across the combined capital cities, with week-on-week results showing an increase over the 2,897 reported capital city auctions last week. auction

With the number of auctions tracking at the highest level since March, there has been no indication that clearance rates are starting to ease as we approach summer.

However, when compared to last year, auction volumes continue to track lower with vendors still seemingly reluctant to place their properties on the market despite such strong selling conditions.

There were 3,166 auctions reported over the corresponding week last year, with a clearance rate of 59.5 per cent, which is a substantially lower rate of clearance when compared to the higher rate that has remained consistent since July.

This week’s preliminary clearance rate remains over 70.0 per cent (75.6 per cent), decreasing slightly over last week’s final clearance rate of 75.8 per cent.

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In Melbourne, a preliminary auction clearance rate of 79.4 per cent was recorded across 1,299 auctions this week.

Last week, Melbourne’s final clearance rate was recorded at 76.8 per cent across 1,329 auctions, while this time last year, 1,510 properties were taken to auction across the Melbourne housing market and a clearance rate of 67.7 per cent was recorded.

The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 253 and 209 auctions were held respectively.

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The Sydney housing market, help 1,064 auctions this week, down from 1,089 over the previous week.

The preliminary clearance rate of 81.2 per cent is slightly down from 81.4 per cent last week, however still higher than the corresponding week last year, when a clearance rate of 56.7 per cent was recorded across 1,116 auctions.

Looking at the sub-regions of Sydney, the North Sydney and Hornsby region recorded the strongest clearance rate of 90.2 per cent, also recording the highest volume of auctions of all the regions (149).

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The preliminary clearance rate across the Brisbane housing market this week was 47.5 per cent, down from 53.3 per cent over the previous week.

Auction volumes were higher this week with 260 auctions held, up from 196 last week.

Meanwhile, across the Gold Coast, 54.8 per cent of the 79 reported auctions were successful.

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A total of 135 Adelaide homes were auctioned this week and the preliminary auction clearance rate of 67.9 per cent is just higher than the 67.3 per cent from the previous week across 133 auctions.

This is also higher than the equivalent week last year, when 64.4 per cent of auctions were successful across a higher volume of auctions (145).

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In Perth, 72 auctions took place this week, with 35 results reported so far.sale sold neighbourhood house sell buy property market hot auction

Perth’s preliminary clearance rate of 48.6 per cent across these 35 results is higher than both last week’s result (37.5 per cent) and the clearance rate from one year ago (31.3 per cent).

Canberra’s preliminary auction clearance rate of 71.2 per cent this week is lower than last week, when the final auction clearance rate was 76.2 per cent and higher than the 61.8 per cent recorded last year.

In Tasmania, 11 auctions were reported to CoreLogic with 2 sales. Last week, 10 auctions were reported with 6 sales.



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Cameron Kusher

About

Cameron Kusher is Corelogic RP Data’s senior research analyst. Cameron has a thorough understanding of the fundamentals such as demographics, trends & economics. Visit www.corelogic.com.au


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