There were 1,115 homes taken to auction across the combined capital cities this week, up from the 896 homes auctioned last week, according to CoreLogic market summary ending 28 July 2019. 

Additionally, the higher volumes saw the preliminary auction clearance rate rise to 71.2 per cent after last week’s 65.4 per cent final clearance rate.

The weighted average clearance rate has improved over each of the last four weeks, coming in above the mid-60 per cent range over the last two weeks and showing a vast improvement year-on-year when around 50-55 per cent of the homes taken to auction was reported as selling.

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2/5 Griffith Street, New Farm, Qld which sold for $3,065,000 by Brett Greensill and Andrea Crossan from McGrath Estate Agents. As seen on Luxury List. 

However, volumes remain lower each week compared to last year, over the same week one year ago 1,536 were taken to auction.

Looking at results across the individual property types, the last four weeks have seen the unit market come in with a higher final clearance rate each week relative to the number of houses sold. Although this week, preliminary results show that 71.9 per cent of houses sold at auction, which was higher than the 69.4 per cent of units that sold.

The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise this week; both coming in at the mid-high 70 per cent mark, with both cities seeing an increase in volumes over the week.

Melbourne

Melbourne returned a 74 per cent preliminary auction clearance rate across 546 auctions, after last week’s 67.5 per cent final clearance. There were 396 auctions reported to the REIV, with 288 selling and 108 being passed in, 48 of those on a vendor bid.

REIV CEO Gil King said, "The Victorian auction market has maintained a clearance rate of more than 70 per cent for six consecutive weeks with latest results. Craigieburn and Mount Waverley were the leaders last week with seven auction sales each and Mount Waverley recorded a 100 per cent clearance rate."

Mr King added, "Blackburn followed with a 100 per cent clearance rate from six auctions.”

Sydney

A 78.5 per cent preliminary clearance rate was recorded across Sydney this week, making it the best performing capital city according to preliminary results, up from last week’s 72.8 per cent final clearance rate. There were 391 Sydney homes taken to auction this week, increasing on the week prior when 303 homes were auctioned.

Ray White New South Wales Chief Auctioneer Alex Pattaro said there had been a spike in confidence from first home buyers and investors this weekend, typically in areas where infrastructure was nearing completion.

“The winter months are typically slower for the Sydney market however we are seeing vendors rewarded for selling now as competition continues to increase week on week.”

Smaller markets

Across the smaller auction markets, Adelaide was the best performing with a preliminary clearance rate of 56.7 per cent, while only 14.3 per cent of Perth homes sold at auction.

In Brisbane, Apollo Auctions recorded an average attendance of 19 and 1.3 registered bidders, with an overall clearance rate of 64%.

Auctioneer Justin Nickerson said South East Queensland continued on its merry way last week again recording a steady and solid clearance rate.

"As has been the case for most of the year, this was largely underpinned by a number of pre-auction sales, and one bidder negotiations resulting in a sale. Interestingly the average time per auction this year has significantly lengthened, speaking to the fact that lengthy negotiation at auctions is now commonplace," he said.