Sydney led the post-public holiday rebound for the auction market as its preliminary clearance rate climbed above 70 per cent. 

According to CoreLogic, 522 homes were taken to auction across the city last week, up from 313 the previous week.

The rise in volume was matched with a jump in the preliminary clearance rate, which came in at 74.7 per cent, in comparison with 56.2 per cent last week.

The results indicate the final clearance rate will still be the highest the city has seen since April last year, or possibly further before.

Damien Cooley of Cooley auctions told WILLIAMS MEDIA the latest results were a clear sign the bottom of the Sydney market had been reached.

"The Sydney property market has seen a remarkable turn around in buyer sentiment post the election," he said.

"We saw a similar shift in the 2015 federal election.

"This shift is beginning to translate to buyer confidence at auctions and as a result, we are seeing auction clearance rates increase. 

"In June 2018 our auction clearance rate was 49 per cent and so far in June 2019, our auction clearance rate is sitting at 64 per cent."

Nationally, 1,487 auctions were held across the combined capital cities this week, returning a preliminary auction clearance rate of 66.4 per cent.

Over the previous week, the final clearance rate dipped to 48.3 per cent across 805 auctions, with the lower volume of auctions attributed to the Queen’s Birthday long weekend across most of the capitals.

It’s likely that as the remaining results are collected, the final result will still hold above 60 per cent for the first time in over a year. Over the same week last year, auction volumes were higher (2,002), however the clearance rate was a weaker 52.4 per cent. 

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21 Railway Avenue, Stanmore was sold for $1,356,000 at auction on Saturday through Belle Property. As seen on The Home Page.

Melbourne

Melbourne was host to 725 auctions this week with preliminary results returning a 67.9 per cent clearance rate.

Over the previous week, 215 auctions were held across the city with the final clearance rate coming in at 62.8 per cent.

This time last year, 992 homes were taken to auction and a final clearance rate of 56.2 per cent was recorded.

Melbourne’s final clearance rate has held above 60 per cent for 3 of the last 4 weeks, with this week expected to be no different.

Ray White Victoria Chief Auctioneer Matt Condon said Winter was proving to be a great time to sell.

 "This weekend we’ve seen a huge spike in attendance and numbers of active bidders," he said.

"As the data continues to come in, Ray White Victoria is shaping up to have a very strong clearance this week.”

Brisbane

After hosting 159 auctions last week, Brisbane volumes fell back, with the city hosting 92 auctions across the week.

There was a rise in the preliminary clearance rate, however,  which came in at 37 per cent. 

Apollo Auctions had an average attendance of 18 people, with an average of 1.9 registered bidders. 

Auctioneer Justin Nickerson said the majority of homes sold prior to auction, with the majority of under the hammer sales being one bidder negotiations.

"Lower volumes continued this week with auction numbers not fully bouncing back until early July after a pre/post election siesta," he said. 

"The active bidding percentage hit a yearly low which will be interesting to see if it is a continuing trend."

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