The capital city clearance rate continued its upwards trend, with preliminary results showing that 77.8 per cent of reported auctions across the capitals were successful.
The strong trend in auction results over recent months has been achieved on falling auction volumes, suggesting the buyer demand is outweighing the supply of homes being taken to auction.
Auction activity fell slightly this week, with 1,444 homes taken to auction, compared to 1,540 last week.
Last year, the auction clearance rate was recorded at a similar level, at 74.6 per cent, however the number of auctions was substantially higher, with 2,118 held.
Sydney’s preliminary clearance rate broke the 80 per cent mark this week, with 81.6 per cent of auction results collected so far being positive, while Melbourne was virtually at an 80 per cent clearance rate (79.9 per cent) based on the early results.
This week’s preliminary results for the Melbourne property market show an improvement, with the clearance rate rising from 74.2 per cent the previous week to 79.9 per cent.
At the same time last year, 76.5 per cent of auctions cleared.
This week, there were fewer auctions across the city, compared with the previous week, down from 724 to 604.
One year ago, the auction market for Melbourne was busier, when 908 homes were taken under the hammer.
The Inner sub-region of Melbourne was the busiest, there were 115 auctions held this week, with 106 reported so far and a clearance rate of 75.5 per cent.
On the other hand, the Outer East had the strongest clearance rate at 90.9 per cent across 33 auction results.
Preliminary results across the Sydney property market further show the city has maintained strength across the auction market, with 81.6 per cent of properties selling.
Last week 77.5 per cent of Sydney homes were successful at auction and 77.3 per cent cleared over the corresponding week last year.
For the past five weeks, auction volumes have remained relatively steady across Sydney, rising slowly, up to 610 this week, from 544 the last week and 509 the previous week.
One year ago, 915 Sydney auctions were held. Individually, there was mixed performance across Sydney’s individual sub-regions this week.
Clearance rates ranged from a high of 89.4 per cent across the Northern Beaches to a low of 64.3 per cent across the South West.
49.3 per cent of reported Brisbane auctions were successful this week, down from 54.5 per cent last week and also lower than one year ago (57.5 per cent).
For auctions, the Brisbane property market wasn’t as busy this week (88 auctions) as it was last week (127 auctions) or one year ago, when 130 auctions were held.
So far, CoreLogic has captured 20 auction results across the Gold Coast and 55.0 per cent have sold.
Adelaide’s preliminary clearance rate was 72.7 per cent this week, rising from 63.5 per cent last week and higher than one year ago (68.1 per cent).
This week, 56 homes were taken to auction across the city while last week 58 auctions were held and 83 at the same time last year.
There were 33 Perth auctions held this week, up slightly from 30 last week and also similar to one year ago when 27 were held.
Preliminary results show 83.3 per cent were successful, compared to 36.0 per cent last week and 30.4 per cent last year.
Of the 47 reported Canberra auctions this week, 59.6 per cent sold, while last week 74.1 per cent of the 56 auctions were successful.
There were only 2 auctions held across Tasmania this week.
The 1 reported result was successful..