Brisbane had the biggest rebound in clearance rates from the Easter weekend, according to the latest auction data from CoreLogic.
Brisbane has recorded its second strongest preliminary auction clearance rate of 2019 in the wake of the Easter weekend, according to CoreLogic's latest market wrap.
There were 99 auctions held across the city in the week up to April 28, returning a preliminary clearance rate of 49.2 per cent.
Among the properties to be sold was 2203/120 Mary Street, which went for $413,500 on Saturday.
RE/MAX selling agent Cathy Cheng admitted she was "surprised" by the turnout at the auction.
"We had about five groups come along, which was more than I expected," she said.
"It's good to see these results after a quiet March."
In the week before Easter - one of the busiest times of the year for auctions - Brisbane hosted 135 auctions with a preliminary clearance rate of 49.3 per cent.
2203/120 Mary Street, Brisbane which was sold at auction on Saturday. As seen on The Home Page.
CoreLogic market analyst Kevin Brogan said while it was a positive result for the market, the public holiday disruption had to be taken into account.
"It's difficult to read too much into figures that are tied in with the public holiday, but 49 per cent is, nonetheless, a very strong result for one of the smaller markets," he said.
Related Reading: Auction activity increases ahead of Easter
According to CoreLogic, the national weighted average preliminary clearance rate rose across a higher volume of auctions this week, with 1,019 homes taken to market returning a 54.6 per cent success rate.
The higher activity this week comes off the back of the Easter period slowdown which saw only 394 auctions held across the capitals and a 43.9 per cent final auction clearance rate, which was the second lowest clearance rate over the year to date.
In Sydney, 329 auctions were held this week returning a 57.1 per cent preliminary clearance rate, improving on the 46.3 per cent final auction clearance rate last week when a lower 221 auctions were held across the city.
REINSW President Leanne Pilkington said the looming election could influence a stabilising market.
"With the election falling on Saturday, May 18, a number of agents have recommended a delay to the auction campaigns to accommodate that date," she said
"That being said, the auction numbers in Sydney were 329 with a preliminary clearance of 57.1%, meaning results continue to be stable."
A total of 497 Melbourne homes taken to auction this week, increasing on the 50 homes auctioned last week, however, the higher volumes saw the preliminary clearance rate drop to 55.7 per cent, after last week’s 63.2 per cent final clearance rate.
REIV CEO Gil King said there continued to be strong performances among the sub-regions.
"The outer western suburbs recorded the strongest clearance rate compared to other areas with 81 per cent from 21 auctions," he said.
“The top house sale was 15 Lauriston Quay, Caroline Springs which went for $1,850,000, a new record for the suburb.”
Of the properties sold at auction in the past, housed had a 56.8 per cent clearance rate, while units returned a 49.6 per cent clearance rate.
By Sean Slatter
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