The renewed market confidence that has led to stronger clearance rates across the capital cities will not be felt by vendors until later this month, according to CoreLogic.

The research firm's market wrap indicates there were 1,654 homes taken to auction across the combined capital cities coming into the first week of winter, down from the 2,055 homes auctioned last week.

The lower volumes saw the preliminary auction clearance rate rise to 61.5 per cent after last week’s 57.7 per cent final clearance rate, which was the highest final weighted average result in over 12 months.

CoreLogic market commentator Kevin Brogan said the auctions from last week would have been scheduled prior to the election, meaning vendors could have been influenced by political uncertainty and the seasonal impact of winter.

"The improved clearance rates from the past two weeks can be attributed to increased confidence, but post-election vendor sentiment is still yet to come," he said. 

"People typically schedule their auctions 28 days in advance, and on that basis, it won't be until the third weekend of June until we see whether vendors are bringing their properties to market in numbers.

"A lot of vendors traditionally make the decision to hold off until spring, so it will be interesting to see whether this reported new confidence in the market actually brings selling decisions forward.

Over the same week one year ago, a higher 2,281 homes were auctioned, 54.1 per cent of which sold. 

The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise this week; both coming in at the mid- 60 per cent mark, however volumes were lower week on week.

The remaining auction markets all saw a lower volume of auctions take place week on week. Perth returned the highest preliminary result of 55.6 per cent from 26 homes taken to auction across the city last week. 

Sydney

A 66.1 per cent preliminary clearance rate was recorded across Sydney last week, making it the best performing capital city according to preliminary results.

This comes off the back of last week’s 62.1 per cent final clearance rate, which was the highest the city has seen in over a year.

There were fewer homes taken to auction across Sydney this week with 674 auctions held, down from the week prior when 707 auctions took place.

It was a good weekend for Axford Auctions, which recorded a 100 per cent clearance rate from its auctions on Saturday.

Auctioneer Leon Axford said buyers were drawn to a range of different properties throughout the weekend.

"It just shows that good properties sell well in any market," he said.

"If owners' expectations remain in line, then there is no reason why clearance rates can't continue at this level."

33-addison-avenue-bulimba-80a21578-c8eb-482f-a22e-cf4bd701af60.jpg

33 Addison Road, Bulimba which sold for $2,850,000 through Place Bulimba. As seen on Luxury List.

Melbourne

Melbourne returned a 64 per cent preliminary auction clearance rate across 733 auctions, after last week’s final clearance rate fell just short of 60 per cent (59.6 per cent). 

REIV CEO Gil King said there was no shortage of strong performances in the latest results.

"The clearance rate remained strong at 65 per cent with both inner and middle suburbs recording a 68 per cent clearance rate," he said.

“Boroondara and Glen Eira reported an average clearance rate of 80 per cent while Bentleigh East, Camberwell, Carnegie, Mill Park, and South Yarra cleared all their four listings in each.”

Brisbane

Brisbane recorded a 35.7 per cent preliminary clearance rate from 98 auctions. 

Apollo auctions had an average attendance of 16, and an overall clearance rate of 65.3 per cent in what Auctioneer Justin Nickerson described as a continuation of South East Queensland's "strong post-election showing".

"Although auction numbers were in a slight lull, buyers showed a renewed confidence and willingness to act, with the active bidding percentage particularly strong," he said.

"With the coming week being the last of the lesser volume before a surge in auctions conducted in mid-June it will be worth following to see if the clearance can remain consistent."

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