A strong start to the year, with 71 per cent of capital city auctions selling
The first week of February shows auction market activity continuing to bounce-back from the festive period slowdown, with almost twice the number of auctions held this week compared with last week.
854 auctions were being tracked this week, compared with 987 auctions one year ago.
The lower number of auctions was mostly due to Sydney, where only 255 auctions were held this week compared with 421 last year.
Current volumes highlight that vendors haven’t been as willing to put their homes into the auction market as they were a year ago.
Auction numbers were actually higher than a year ago across Melbourne, Brisbane, Adelaide and Perth.
Despite the lower number of auctions compared with last year, the preliminary auction clearance rate, based on the 621 auction results reported so far, was recorded at 71.0 per cent across the combined capital cities, compared to 67.3 per cent last year.
All cities recorded a stronger preliminary clearance rate than what was recorded at the end of 2015; however, as auction numbers gathering pace over February we should get a better gauge as to whether the auction market is truly staging a rebound on higher clearance rates.