Auction volumes increased this week, albeit from a low base due to the Easter long weekend, with 1,568 auctions scheduled across the combined capital cities this week.
A total of 1,014 results were recorded with the preliminary clearance rate remaining stable at 79.0 per cent, up only slightly from 78.9 per cent last week.
At the same time last year, 67.2 per cent of all capital city properties taken to auction recorded a successful sale, while volumes were much higher at 3,534; however volumes were elevated in what was last year’s lead up to the Easter long weekend.
As Australia’s largest auction market, Melbourne’s preliminary auction clearance rate was recorded at 77.7 per cent this week, more than 10 per cent higher than at the same time last year, when over the week the auction clearance rate was recorded at 64.4 per cent.
The number of Melbourne homes taken to auction this week was 674, compared to just 63 last week and 1,530 over the same week in 2014.
Across Melbourne’s sub-regions, the strongest performers this week were the Outer East region (91.7 per cent), followed by Melbourne’s Inner East, where the clearance rate was recorded at 84.9 per cent.
Sydney vendors continued to experience strong conditions across the auction market this week, with the preliminary auction clearance rate recorded at 84.8 per cent with 619 auctions held across the city.
In comparison, over the previous week, 427 Sydney auctions were held with a highly comparable clearance rate of 84.7 per cent, while one year ago, Sydney’s auction clearance rate was recorded at 74.8 per cent across 1,496 auctions.
This is the ninth week in a row where Sydney’s auction clearance rate has been recorded above the 80 per cent mark.
An exceptional result was recorded across Sydney’s Eastern Suburbs this week, with 35 auctions reported to CoreLogic RP Data and 34 of these recording a sale.
Brisbane saw 111 auctions take place this week, with just over half of all results collected recording a sale (50.9 per cent).
This week’s preliminary clearance rate is stronger than both last week, when 40.0 per cent of Brisbane auctions sold and at the same time last year, when the final auction clearance rate was recorded at 45.3 per cent.
Across theGold Coast, 57 auctions were held this week, with the preliminary clearance rate recorded at 56.5 per cent.
A total of 80 Adelaide homes were taken to auction this week, with a strong preliminary clearance rate of 88.5 per cent, up from 69.4 per cent at the same time last year, and higher than the 83.3 per cent recorded last week.
Perth’s preliminary clearance rate this week was recorded at 77.8 per cent, up from 60.0 per cent the previous week and also higher than the 43.5 per cent recorded at the same time last year.
76.0 per cent of Canberra auctions were successful this week, which leaves the clearance rate relatively stable when compared to last week (71.8 per cent) and much higher than at the same time last year (55.8 per cent).
There were 10 Tasmanian auctions this week. 7 results were reported to CoreLogic RP Data, with 4 sales recorded.
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.