CoreLogic reports this week's volumes are higher than last week's spike of properties going to auction.
Auction markets are passing the test of higher volumes with strong results, said the CoreLogic auction report this week.
Volumes reached similar levels to those seen around the end of last year over the seasonal hype pre slowdown period when clearance rates were tracking around the mid 60 per cent to low 70 per cent range.
There were 2,933 capital city homes taken to auction this week, returning a preliminary auction clearance rate of 77.1 per cent.
At a Glance:
This week’s volumes are higher than last week’s 2,517 auctions held, which returned an only slightly higher preliminary clearance rate (77.7 per cent), later revising down to 72.7 per cent at final figure.
It is likely this week’s final clearance rate will revise down to be similar.
One year ago, a lower 2,201 capital city homes were taken to auction with just over half selling (50.4 per cent).
Melbourne
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 77.1 per cent was recorded across 1,567 auctions this week; the busiest week for auctions Melbourne has seen since October 2018 (1,709).
"Reservoir leads with 15 auction sales, followed by South Yarra (14) and Coburg (13) – which both suburbs also recorded 100 per cent clearance rate," said REIV CEO, Gil King.
“Regional suburbs cleared 83 per cent from 40 auctions last week - Led by Belmont selling all 5 homes, followed by Hamlyn Heights (3).
“The number of auctions held evenly matched for inner and middle Melbourne last week, both holding about 460 auctions each.”
Over the week prior, 1,248 auctions were held returning a final clearance rate of 76.1 per cent.
Elijah Zonneveld of Jellis Craig reported the sale of 309 Albion St, Brunswick, which was previewed last week, for $1.208 million, $108,000 above reserve.
"The bidding was tough though; bidders were happy to hang back and wait to see what their competition was doing," said Mr Zonneveld.
"All in all, a good result and very happy owners and buyers."
Sydney
There were 1,045 Sydney homes taken to auction this week, returning a preliminary auction clearance rate of 81.4 per cent, which was the highest preliminary results across the capital city markets.
This week’s result is an improvement on the previous weeks’ final clearance rate when volumes were lower (74.5 per cent-963 auctions).
Source: CoreLogic
Other Markets
Canberra came in with the highst clearance rate in the smaller markets with 67.7 per cent with 82 properties going for auction. Brisbane followed with 136 auctions that saw a 63.2 per cent clearance rate.
Adelaide's clearance rate was 62.7 per cent with 81 auctions held and Perth backed up with a 37.5 per cent clearance rate with 17 auctions.
Similar to this:
Clearance rates reach new heights in latest auction results
Sydney clearance rate soars in post-public holiday auction results