Sydney has been the standout of the capital city auction markets in the first week of spring, recording a preliminary clearance rate of 83.1 per cent in the latest results from CoreLogic.
The expected spring boost to the nation's auction market could be more of a slow burn than a sharp burst, CoreLogic says.
The auction data for the week ending September 8 showed there were 1,529 homes taken to auction across the combined capital cities last week, returning a preliminary clearance rate of 77 per cent.
Over the previous week, auction volumes were slightly higher with 1,615 homes taken to auction, while the final clearance rate came in at 70 per cent.
CoreLogic research analyst Kevin Brogan told WILLIAMS MEDIA it was notable that there were fewer auctions for the first week of spring, compared to the last week of winter.
"I expect that auction volumes will pick up in Spring, but that it will be gradual," he said.
"It may be that vendors are both encouraged by stronger market conditions, but also waiting to see if the market strengthens further with further price increases."
Sydney
Sydney recorded a preliminary clearance rate of 83.1 per cent across 522 auctions this week.
Over the previous week, final results show 74.5 per cent of the 590 auctions were successful.
Real Estate Institute of NSW President said agents had commented on the lack of stock in the market.
"By way of example one year ago, 656 auctions were held across Sydney returning a final clearance rate of just 50.6 per cent," she said.
"Forward auction bookings indicate increasing numbers towards the end of September, but still unlikely to be at levels to satisfy the current demand."
Melbourne
Melbourne's auction volumes and clearance rate remained rate remained relatively stable, with 769 auctions returning a preliminary clearance rate of 76.6 per cent.
In comparison, last week saw 768 homes taken to auction and a final clearance rate of 74.4 per cent was recorded.
Real Estate Institute of Victoria CEO Gil King said almost half of the reported auction results came from Middle Melbourne.
“Middle Melbourne again dominated the auction market with more than 200 sales," he said.
“In Mount Waverley, all 11 auction listings were sold, while in 11 out of 14 listed properties sold in Reservoir.
“Auction clearance rates have now exceeded 70 per cent for each of the past 12 weeks”.
Brisbane and smaller markets
Adelaide and Brisbane saw lower auction volumes week-on-week while Canberra saw an increase in the number of homes taken to auction over the week.
Perth and Tasmania saw no change in auction activity week-on-week.
For auctioneer Justin Nickerson, of Apollo Auctions in Brisbane, the results represented a "return to normality" for the south-east Queensland market.
"Registrations dipped slightly on the week prior, but still returned a healthy 2 average of which 56 per cent of bidders partook in bidding," he said.
"Attendance was also slightly down, perhaps due to the windy and dusty conditions that plagued the south-east corner."
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