It has been another strong week for auction activity, with a preliminary auction clearance rate of 79.2 per cent this week, the strongest result since September 2009
There were 2,541 auctions held across the combined capital cities.
Last week, the final auction clearance rate was recorded at 77.2 per cent with 1,674 residential properties taken to auction.
At the same time last year, due to the Easter long weekend, auction volumes were low across most cities, with just 642 capital city auctions held.
So far this year, with 12 weeks of auction results having been reported, the combined capitals have seen clearance rates above the 75 per cent mark in eight of these weeks.
There were 1,252 Melbourne auctions held this week, with a preliminary auction clearance rate of 78.7 per cent.
Over the year to date, Melbourne’s clearance rate has been outperforming when compared to the same periods over the past four years, however the number of homes taken to auction so far this year is slightly below last year.
The best performing Melbourne property market sub-region this week was Melbourne’s Outer East, where 73 auction results were recorded, with a clearance rate of 93.2 per cent.
Auction activity was also solid across the Inner South region (86.8 per cent).
In what was yet another strong result for Sydney, this week’s preliminary auction clearance was 88.3 per cent, the strongest clearance rate for the city on record.
There were 950 auctions held across the Sydney property market this week, up from 671 over the previous week.
Since the last week in January this year just shy of 9,890 Sydney homes have been up for auction and the number of transactions is around 8,300.
The high success rate shows that vendors and buyers within this market are well aligned, which is also reflected in the short time it is taking to sell a Sydney home by private sale.
Much like last week, Sydney’s Eastern Suburbs performed well this week, with 62 auctions held and so far, 95.9 per cent of reported auctions sold.
A similar result was obtained across North Sydney and Hornsby (95.0 per cent) and Blacktown (94.7 per cent).
Brisbane’s preliminary clearance rate this week was 48.3 per cent, down from 54.4 per cent last week, which was the second highest clearance rate for the city this year.
There were 139 Brisbane auctions this week, compared to 117 last week.
The Gold Coast was host to 103 auctions this week. Based on the results reported to CoreLogic RP Data so far, 65.8 per cent have been sold.
In Adelaide, the preliminary clearance rate was 70.5 per cent, compared to 68.6 per cent last week. As the year progresses, Adelaide’s clearance rate is becoming increasingly strong.
There were 37 Perth auctions this week and so far 19 results have been reported, with just 21.1 per cent selling.
Last week there was a 57.1 per cent clearance rate for Perth.
Canberra’s clearance rate was 73.7 per cent this week, compared to 72.7 per cent last week.
In Tasmania, 6 auctions were reported to CoreLogic RP Data with 2 sales. Last week, 8 auctions were reported with 4 sales.