Weekend auction markets continue to run strong

Auction activity does not appear to be slowing through the festive period, with auction numbers reaching the highest level since March earlier this year. auction graph sale sell house property

There were 3,411 auctions held over the past week, returning a preliminary clearance rate of 74.6 per cent, which is up from last week’s 72.3 per cent and substantially higher than the equivalent period last year (58.2 per cent).

The combined capitals clearance rate has been tracking above 70 per cent consistently over the past 20 weeks, with the clearance rate higher than 75 per cent over eleven of the past twenty week’s.

The last time the combined capital city clearance rate was tracking over 70 per cent over the given period was in 2009.

Across Australia’s two largest markets in Sydney and Melbourne, clearance rates rose this week, with preliminary results showing 77.4 per cent and 80.2 per cent respectively.

In Melbourne, the preliminary auction clearance rate increased this week, with results showing 80.2 per cent of the 1,683 recorded auctions were successful. 

graphic-mel-new

Last week, Melbourne’s final clearance rate was recorded at 77.3 per cent across 1,416 auctions, while this time last year, 1,572 properties were taken to auction across the Melbourne housing market and a clearance rate of 64.9 per cent was recorded.

The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 337 and 214 auctions were held respectively.

Sydney’s preliminary clearance rate this week was 77.4 per cent across 922 auction results. SydneyTerraces

There were a total of 1,157 auctions held across the Sydney housing market.

This is higher than the corresponding week last year, when 891 auctions were held across Sydney and a clearance rate of 54.7 per cent was recorded.

North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 177 properties taken to auction.

The preliminary clearance rate for the region is 83.7 per cent across 135 results.

There were 203 auctions this week across the Brisbane housing market with a preliminary clearance rate of 48.1 per cent, this is higher than the 42.7 per cent recorded last week across 204 auctions, and also higher than one year ago when there were 180 auctions with a success rate of 41.9 per cent.

The Gold Coast’s preliminary clearance rate was 20.0 per cent across 35 results this week.

Adelaide recorded a clearance rate of 66.0 per cent across 151 auctions this week, up from 65.3 per cent across 165 auctions last week.

At the same time last year, 154 homes were taken to auction, with 49.3 per cent recording a successful result.

In Perth, 76 auctions took place this week, with 42 results reported so far.auction buy property bid sell house sale

Perth’s preliminary clearance rate of 26.2 per cent across these 42 results is lower than both last week’s result (55.1 per cent) and the clearance rate from one year ago (36.2 per cent).

Canberra’s preliminary auction clearance rate of 64.9 per cent this week is higher than last week, when the final auction clearance rate was 60.6 per cent and also higher than the 48.6 per cent recorded last year.

Of the 13 Tasmanian auction results reported so far this week, 3 sales have been recorded.


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About

Cameron Kusher is Corelogic RP Data’s senior research analyst. Cameron has a thorough understanding of the fundamentals such as demographics, trends & economics. Visit www.corelogic.com.au


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