A looming state government election is expected to again produce lower auction volumes in Sydney this week after the city experienced a drop in the latest preliminary figures.

CoreLogic data indicates there were  634 auctions held in Sydney last week, with preliminary results showing a 63.1 per cent clearance rate, up from 52.3 per cent across a higher volume of auctions the previous week (701).

According to CoreLogic, there were 1,093 homes taken to auction in the city across the same week last year, returning a clearance rate of 64.8 per cent. 

Of the 1894 homes taken to auction nationally across the week, nearly half came from Melbourne, which hosted 943 auctions with a preliminary clearance rate of 53.7 per cent, increasing from last week when the final clearance rate was a lower 49.2 per cent across just 216 auctions.

Over the same week last year, the auction clearance rate was higher with 68.7 per cent of the 1,653 auctions returning a successful result. 

Real Estate Institute of NSW President Leanne Pilkington said the state election could result in a further drop in volume.

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Source: CoreLogic

"With the NSW election to be held this Saturday, we expect auction numbers to be lower again, before improving for the last weekend in March," she said.

"Agents are reporting continued interest from buyers, although there is no doubt that the market is still very price sensitive and difficulties in obtaining finance continues."

Among the properties to go to auction in Sydney last week was a  'Quay West' sky-home at 2801/100 Gloucester Street, which was passed in on Tuesday. 

Agent Steven Antoniou of Morton Sydney said the result did not come from lack of interest.

"We have been talking to a few interested parties," he said.

"There are a few other residences available in the building, and it has taken a bit longer for some people to get financing, which has made for a lengthier process." 

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The property at 233/99 Griffith Street, Coolangatta, which was sold by Apollo Auctions on March 14, 2019. Picture: The Home Page.

Of the smaller markets, Brisbane and Perth were the only places to see auction volumes fall week-on-week. 

Apollo Auctions auctioneer Justin Nickerson said the wild weather in South East Queensland didn't stop buyers who did brave the conditions from making their mark.

"Registration numbers were also down significantly, but as has been the case so far in 2019 sales prior to auction and one bidder auctions carried the load for a number of sales," he said.

The active bidding percentage (registered bidders who bid) hit it’s highest point thus far for the year – again showing that those who are in a position to buy are backing their confidence and acting."

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