There were 1,692 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 56.7 per cent, making it the busiest week for auctions since the week ending 24 June 2018.
Last week, 1,402 auctions were held and the final clearance rate came in at 54.9 per cent.
Over the same week last year, auction volumes were higher with 2,064 homes going under the hammer across the combined capital cities and the clearance rate was a stronger 69.8 per cent.
Units outperformed houses this week with 58.5 per cent of units selling at auction, while 56.0 per cent of houses sold across the combined capital cities.
Source: CoreLogic
Sydney
There were 572 auctions held in Sydney this week, the busiest week for the city since the week ending 1 July 2018, returning a preliminary clearance rate of 56.5 per cent.
In comparison, there were 458 auctions held over the previous week and the final auction clearance rate was 53.8 per cent.
At the same time last year, 720 auctions were held and the clearance rate came in at 67.8 per cent.
Peter Chauncy and Brigitte Crawford of McGrath sold 12 Haughton Street in Linley Point prior to auction for $5.35 million, to locals.
The home sold after only eight days on the market.
12 Haughton Street, Linley Point sold by Peter Chauncy and Brigitte Crawford of McGrath, as seen on Luxury List“These people made a strong offer, and the owners were downsizing so happy to move on with some certainty," Mr Chauncy told WILLIAMS MEDIA.
“We had a significant digital campaign and print advertising.
“It was a fairly aggressive marketing campaign which attracted a fair amount of interest.
“The appeal was a waterfront property in fair condition, with room to improve.”
Mr Chauncy said overall the market in that price range seems to be performing fairly well.
“We have had numerous sales in the $4 to $5 million range in the last few months.
“People buying in that range are less affected by what the banks are doing at the moment.
“I’m seeing that the higher the price point is, the more interest there seems to be,” he continued.
“The lower end is suffering due to problems with borrowing capacity.
Related reading: Whitsundays property market coming alive
Melbourne
In Melbourne, a preliminary auction clearance rate of 55.7 per cent was recorded across 868 auctions this week, while last week there were 721 auctions returning a final clearance rate of 58.0 per cent.
One year ago, the clearance rate was a stronger 75.6 per cent across 1,001 auctions.
Daniel Broadbent of Jellis Craig sold 134 Corriedale Crescent, Park Orchards at auction, for $2.310 million.
The buyer was a local who had downsized previously but now returned to a larger home.
134 Corriedale Crescent, Park Orchards sold by Daniel Broadbent and Traci Stella of Jellis Craig as seen on Luxury List
“The auction went quickly with two buyers interested from the start.
“There was a good crowd with people from all across Melbourne.
“The eventual buyer was the first person who walked through the property at the start of the campaign.
Related reading: Houses outperform unit market, while unit market consistently better performer
The home was marketed through the Jellis Craig network with interested parties from the bayside and inner city.
“It was a great campaign, and the house sold for a terrific price, in a market that is softening in places.
“Beautiful houses sell no matter what the market conditions are."
Gil King, CEO of REIV said more than 15,000 homes have been sold via auction in Victoria this year.
“Last week there were few standout suburbs: Doncaster East and Caulfield South recorded 100 per cent clearance rates from six and five auctions respectively.
“Inner ring suburbs such as Coburg (eight sales) and South Yarra (six sales) recorded clearance rates of above 85 per cent.”
Brisbane
In Brisbane, a preliminary auction clearance rate of 60 per cent was recorded across 103 auctions this week, while last week there were 88 auctions returning a final clearance rate of 49.2 per cent.
Of the 103 auctions, 45 were cleared and 30 were uncleared.
One year ago, the clearance rate was a stronger 75.6 per cent across 1,001 auctions.
Related reading:
Victoria dominates top performing suburbs in Australia
Brisbane the winner with home value changes
Sydney, Melbourne and Brisbane in top 20 for global prime residential price growth