The auction market's winter momentum has continued across the past week, with the latest data from CoreLogic indicating further rises in the preliminary clearance rates of Sydney and Melbourne. 

According to the firm's weekly market wrap, the volume of auctions for the combined capital cities remained virtually unchanged, with 1,107 auctions held, in comparison with 1,108 the previous week.

However, the preliminary clearance was notably higher, rising to 70.4 per cent from 68.3 per cent the previous week.

Of the major markets, Sydney recorded the greatest improvement, with the city recording a preliminary clearance rate of 81.2 per cent, in comparison with the previous week's final clearance rate of 72 per cent.

Damien Cooley of Cooley Auctions told WILLIAMS MEDIA that the market was regaining its falls from earlier in the year.

"We are now seeing auction clearance rates rising and this means prices are rising," he said.

"With spring on our doorstep the volume of property on the market is set to rise but I do feel there are enough buyers in the market to continue a healthy market through spring.

"Buyers need not worry that prices will run away from them but rest assured there will be competition at auctions."

19-allenby-street-clontarf-509213cb-f551-4c7c-8e5c-112a41d6187d.jpg

19 Allenby Street, Clontarf was sold at auction through Clarke and Humel Property for $4.65 million. As seen on Luxury List.

Sydney

There were 365 homes auctioned across Sydney this week, lower than the 386 auctions held last week. The lower volumes returned a preliminary auction clearance rate of 81.2 per cent, increasing on the 72 per cent final clearance last week. 

Ray White NSW CEO/Auctioneer Jason Andrew, who successfully called four out of five auctions on Saturday, said the tide was definitely beginning to turn.

"If you’re considering putting your property on the market then there’s never been a better time to do so," he said.

“With low stock levels, competition for properties before the spring selling season is pushing prices up, which is ideal for a vendor.

“There’s been a real transformation since the election because we wouldn’t have seen results like today before May.”

Melbourne

Melbourne returned a preliminary auction clearance rate of 73.2 per cent, rising on last week’s final clearance rate of 70.9 per cent as volumes remained steady across the city (500 auctions). 

REIV CEO Gil King said the weekend's results were "dominated" by Middle Melbourne.

"Middle Melbourne recorded a 79 per cent clearance rate, led by Glen Waverley which cleared all nine of its listings," he said.

"Bentleigh East and Reservoir also performed well with six auction sales in each.”

Smaller markets

Canberra was the pick of the smaller markets, returning a preliminary auction clearance rate of 63.8 per cent this week.

It was followed by Adelaide, which recorded a preliminary rate of 58.6 per cent, while Brisbane and Perth returned clearance rates below 40 per cent. 

Brisbane's Apollo Auctions had an average attendance of 23.3 people at its auctions, and an overall clearance rate of 62.5 per cent.

Auctioneer Justin Nickerson said the number of bidders demonstrated a depth of buyers that had not been seen for some time in the South East Queensland market.

"South East Queensland continued its strong run with a good weekend of activity and overall clearance," he said.

"The ekka winds were blowing across the weekend but this didn't stop the attendees, with spectators rugged up but out in force."

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