Auction clearances remain high despite 'Super Saturday' volumes

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Nov 28, 2016

Auction clearances remain high despite 'Super Saturday' volumes

Weeekend auction volumes were the second highest this year, but are still down on last year's volumes.

This property at 1 Blessington Rd, St Leonards, Tasmania was the most expensive property sold on the Apple Isle last week, according to CoreLogic. The agent was Roberts Rural Real Estate Western Junction, and the property sold for $1.3 million.
Image: Traversgray Real Estate.

This property at 260 Chalmers Street, Redfern, sold for $2.4 million at auction on the weekend through Andrew Gray of Traversgray Real Estate Erskinville.

A total 3,367 properties went to auction on the weekend, according to CoreLogic, the second highest volume this year. But despite the surge in numbers, market volumes are still significantly lower than for the corresponding week last year, when 3,729 properties went under the hammer.

The nation's preliminary auction clearance rate, despite the jump in volumes, remains strong at 76.0 per cent. The final clearance rate for last weekend was a modestly lower 74.4 per cent. The clearance rate for the corresponding week last year was 60.1 per cent.

Auction numbers are generally lower across the country. Every capital city except Perth and Canberra recorded auction numbers lower than a year ago.

But every capital has recorded higher clearance rates compared with last year. Once again, Sydney and Melbourne led the way. Sydney's clearance rate was 81.9%, while Melbourne's clearance rate was 76.9%.