Last week the capital city auction markets were quiet due to the Labour Day long weekend which coincided with the AFL and NRL grand finals.
Given this, it was unsurprising to see volumes increase substantially this week, with 2,246 held across the combined capital cities.
The preliminary clearance rate was 79.2 per cent this week, up from a final clearance rate of 75.8 per cent last week across just 872 auctions.
This week four of the capital cities recorded clearance rates above 80 per cent.
At the same time last year, results were lower, with 69.5 per cent of auctions clearing over a total of 3,016 capital city auctions.
Melbourne’s property market reported auctions recorded a preliminary clearance rate of 81.2 per cent.
There were 1,110 Melbourne auctions scheduled, with 946 results reported so far.
Last week, Melbourne’s final auction clearance rate was 87.2 per cent; the highest Melbourne has recorded for the year, however this was across just 78 reported results.
One year ago, in Melbourne, the clearance rate was 73.4 per cent.
The busiest sub-region across Melbourne for auctions this week was the Inner region, with 211 auctions held.
So far 182 results have been reported with a preliminary clearance of 80.2 per cent.
In terms of clearance rate, the top performer this week was the North East region at 87.7 per cent (114 auction results).
Sydney hosted 774 auctions this week and preliminary results show that 81.5 per cent cleared.
Last week the Sydney property market recorded its second highest clearance for the year (82.5 per cent).
Relative to last year, this week’s result is stronger, given last year 1,197 auctions were held and the clearance rate was 69.6 per cent.
This week, 4 Sydney sub-regions recorded a clearance rate above 90 per cent, Eastern Suburbs (98.4 per cent), North Sydney and Hornsby (92.6 per cent), Ryde (92.6 per cent) and Northern Beaches (92.3 per cent) the top performers.
On the other end of the scale, South West clearance rate was 50.0 per cent.
Across the Brisbane property market 157 auctions were held this week, up from 115 last week and lower than 186 one year ago.
Preliminary results show that Brisbane’s clearance rate also rose, from 43.8 per cent last week to 55.8 per cent this week.
In comparison to last year, current activity is comparable (53.8 per cent).
Further south, 37 of the 69 Gold Coast auction results have been reported and the clearance rate so far is 43.2 per cent.
In Adelaide auction activity also picked up this week, 97 auctions were held compared to just 45 over the previous week. Adelaide’s preliminary clearance rate of 80.6 per cent is the highest
Adelaide has reported for the year thus far, it is higher than last week (75.7 per cent) and over the same week last year (64.0 per cent).
There were 31 Perth auctions this week, compared to 14 last week and 34 one year ago.
Perth’s preliminary clearance rate is 55.6 per cent, higher than when compared to 45.5 per cent last week and 37.9 per cent one year ago.
Canberra’s clearance rate was 86.7 per cent this week across 68 auctions.
This is the highest clearance rate Canberra has recorded this year. Last week the city saw 66.7 per cent of auctions sell, while one year ago the clearance rate was lower at 62.1 per cent.
4 Tasmanian auctions have been reported to CoreLogic this week and preliminary results show 2 sales
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.