It has been another strong week for auction activity, there were 2,445 auctions held across the combined capital cities with a preliminary auction clearance rate of 78.3 per cent this week.
Last week, the final auction clearance rate was recorded at 76.2 per cent with 2,149 residential properties taken to auction.
At the same time last year, auction volumes were higher (2,835) with a clearance rate of 69.7 per cent.
Over the first four weeks of Spring, auction clearance rates have consistently been recorded at a higher rate than over the corresponding weeks last year, while auction volumes remain around 20 per cent lower.
In Melbourne, Australia’s largest auction market, 79.1 per cent of the 946 reported auctions sold this week.
There were 1,090 auctions held across the city this week, up from 965 last week when the final auction clearance rate was 77.8 per cent and lower than the 1,201 auctions held one year ago, which returned a lower clearance rate (72.7 per cent).
The Inner region of the Melbourne property market had the highest number of auctions this week (224), with a preliminary clearance rate of 75.5 per cent.
Meanwhile, the strongest clearance rate was 89.7 per cent recorded across the Mornington Peninsula region, followed by 83.5 per cent across the Inner South region.
Across the Sydney property market 930 homes were taken to auction this week with a preliminary clearance rate of 84.4 per cent across 770 reported results.
Last week, the final clearance rate for the city was 81.6 per cent, across 815 auctions.
One year ago, 1,200 Sydney homes were taken to auction and the clearance rate was 71.7 per cent.
This week, the performance across Sydney’s individual sub regions was varied.
Across the Outer South West region, where 10 results have been reported so far, the preliminary clearance rate was 70.0 per cent, while the Central Coast had a 100 per cent success rate of the 14 reported auctions.
There were four sub-regions of Sydney where more than 100 auctions were held this week and of these, each recorded a clearance rate in excess of 70 per cent, with Eastern Suburbs (88.3 per cent) and North Sydney and Hornsby (88.2 per cent) the strongest performers.
Across the Brisbane property market, there were 144 homes taken to auction this week, with 103 results reported so far.
The preliminary clearance rate for the city is 51.5 per cent, up from 48.4 per cent last week and lower than one year ago, when 54.9 per cent of the 203 properties taken to auction were successful.
Across the Gold Coast 29 results have been reported so far, with a success rate of 58.6 per cent (17 sales).
This week, Adelaide saw a preliminary clearance rate of 83.9 per cent, with 87 reported results across a total of 126 scheduled auctions.
This week’s clearance rate is the highest on record for the city, but has the potential to revise lower as more auctions are reported.
In comparison, over the previous week Adelaide’s clearance rate was 74.7 per cent with fewer auctions held across the city (95) and 68.1 per cent one year ago across virtually the same volume of auctions.
Perth’s clearance rate of 35.1 per cent across 49 auctions is down from the previous week, when 39 auctions were held and a clearance rate of 45.2 per cent was recorded.
Over the same week last year, the clearance rate was a lower 31.6 per cent, and just 25 auctions were held.
In Canberra, 90 auctions were held this week, and of the 73 reported results, 69.9 per cent were successful.
Last week, 87 auctions were held and the clearance rate was a higher 72.0 per cent.
This time last year, results were down 58 auctions held and a clearance rate of 58.5 per cent.
There were 16 Tasmanian auctions held this week. 4 were reported as sold.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.