An increase in Brisbane auction volumes across last week has been met with a reduced clearance rate across the city, suggesting vendors are confident in direction of the market.
Clearance rates across the capital cities have faced yet another disruption in the form of the Queen's Birthday long weekend.
The latest data from CoreLogic indicates there were 803 homes taken to market across the combined capital cities last week, with the subdued activity returning a preliminary clearance rate of 51.3 per cent, falling from the previous week's final auction clearance rate of 58 per cent when volumes were higher (1,661).
CoreLogic market commentator Kevin Brogan told WILLIAMS MEDIA the combined preliminary clearance rate for the capital cities showed the volatility within the market snapshot.
"Brisbane had one of the busiest weeks they have had in a while, having not been affected by the long weekend," he said.
"The fact they only got a 23 per cent clearance rate means that when you do the national weighted average, it has more of an impact.
"When you have a reduced data set, you do potentially take buyers out of the market in so far as prospective purchasers may have other plans on the basis of it being the long weekend."
The mix of high volume and low clearance rates in the sunshine state suggests a possible shift in Brisbane's market, with vendors showing confidence in both their pricing and the climate as a whole.
Source: CoreLogic
Sydney
A total of 310 auctions took place across the city, down on last week when 677 auctions were held and 61.8 per cent cleared as of final figures.
REINSW President Leanne Pilkington said the auction market was now free to build some momentum going forward.
"With buyers showing more interest since the election and our first interest rate reduction in about 3 years the struggle for the market is to access properties to sell," she said.
"Agents on the ground are hopeful with the various disruptions of holidays and elections now behind us, sellers will return to the market."
Melbourne
There were 216 homes auctioned across Melbourne this week, significantly lower than the 730 auctions held last week when 61.6 per cent sold.
Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said the long weekend had seen lower auction numbers in Victoria, but not a decrease in interest.
“On average we’ve seen exceptional attendance numbers at both open homes and at auctions," he said.
“We also continue to see strong confidence in the market from buyers.
"This is evident from the number of active bidders at each auction.”
Brisbane
The absence of the Queen's Birthday weekend was clear in Brisbane, which hosted 159 auctions.
Despite an increase in volume from the previous week, the preliminary clearance rate fell to 22.9 per cent in what was a possible indication of vendor confidence.
Apollo Auctions had an average attendance of 17 people and 2.9 registered bidders at their auctions.
Auctioneer Justin Nickerson said the numbers reflected a positive week.
"It was a strong performing week that was punctuated by a rise in registered bidder numbers," he said.
"Despite this, the active bidding percentage remained consistent - showing the increased optimism of buyers post-election."
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