Auction volumes increased with 3,367 properties taken to auction this week.
This was the second highest number of reported auctions this year for the combined capital cities, up from 2,987 over the previous week.
Despite the surge in auction numbers, market volume is still significantly lower than the corresponding week last year (3,729).
The preliminary auction clearance rate, despite the increase in volume, remains strong (76.0 per cent), up from last week’s final of 74.4 per cent and also higher than equivalent week last year (60.1 per cent).
Every capital city except Perth and Canberra are showing auction numbers to be lower than a year ago, while every capital has recorded a higher clearance rate compared with last year.
Across the Melbourne property market, this week’s preliminary clearance rate was recorded at 76.9 per cent, down from a high of 79.4 per cent last week and remaining well above the clearance rate for the city one year ago (65.9 per cent).
This week, Melbourne was host to 1,618 auctions, which was the second highest reported for Melbourne this year, higher than the 1,303 held last week, but lower than a year ago when there were 1,876 Melbourne auctions held over the week.
Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North East.
So far, CoreLogic has collected 172 results for the region and the preliminary result shows 82.0 per cent of these auctions were successful.
Across the Sydney property market, 1,236 homes were taken to auction this week with a preliminary clearance rate of 81.9 per cent.
Last week, the final clearance rate for the city was 79.6 per cent, across 1,082 auctions.
One year ago, 1,306 Sydney homes were taken to auction and the clearance rate was 56.2 per cent.
This week, the performance across Sydney’s individual sub regions was varied.
Across the Inner West region, where 86 results have been reported so far, the preliminary clearance rate was 90.7 per cent, while across Outer South West (69.2 per cent), Parramatta (68.7 per cent) and South West (59.3 per cent) the success rate of reported auctions was lower.
There were 190 Brisbane homes taken to auction this week, with 114 results reported so far.
The preliminary clearance rate for the city is 53.5 per cent, up from 45.2 per cent last week and also higher than one year ago, when 47.3 per cent of the properties taken to auction were successful.
Across the Gold Coast 25 results have been reported so far, with a success rate of 64.0 per cent.
A total of 140 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 66.3 per cent across 92 results, up slightly from 66.0 per cent last week when 137 auctions were held across the city.
In Perth, 65 auctions took place this week, with 30 results reported so far.
Perth’s preliminary clearance rate of 36.7 per cent across these 30 results is lower than last week’s result (38.1 per cent), although, slightly higher than the clearance rate from one year ago (36.0 per cent).
Canberra’s clearance rate was 72.2 per cent this week across 112 auctions, down from 70.3 per cent last week across 119 auctions.
There were only 6 Tasmanian auctions held this week. 3 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.