The rising clearance rates that have characterised the auction market this winter have softened slightly in the face of more properties being listed across the past week.

CoreLogic's weekly market wrap indicates there were 1,605 homes taken to auction across the combined capital cities for the week ending September 1, increasing on the week prior when 1,415 homes were auctioned.

The higher volumes returned a preliminary clearance rate of 73.6 per cent after the week prior returned a final auction clearance rate of 74.2 per cent - the highest since April 2017.

According to CoreLogic, year-on-year results continue to see volumes trend lower each week compared to the corresponding week one year ago, while clearance rates are up by around 15-20 percentage points. 

Despite the upturn in volume throughout the past week, auctioneer Leon Axford, of Axford Auctions, told WILLIAMS MEDIA demand was still outweighing supply.

"Buyers are competing for quality property," he said.

"Over the past 3 weeks, we have had auctions with 41, 17, 18 and 21 registered bidders respectively.

"From what we can see, it does not appear to be a rush of property hitting the market in early spring.

"If sellers are thinking of selling their property they are doing themselves a disservice by not investing in a quality marketing campaign and running to auction to give themselves a chance of a phenomenal result."

42-beresford-terrace-coorparoo-ef04ecfe-8608-4691-8c48-ecf15dee8e85.jpg

42 Beresford Terrace, Coorparoo, Queensland was sold for $2.65 million via Place Estate Agents. As seen on Luxury List.

Sydney

In Sydney, 584 homes were taken to auction returning a preliminary auction clearance rate of 78.9 per cent, increasing on the 503 auctions held the week prior when the city returned a final clearance rate of 78.1 per cent. 

Real Estate Institute of New South Wales President Leanne Pilkington said it would be interesting to see whether spring would usher in the expected influx of listings.

"Auction numbers are still significantly lower than the same time last year, but have been showing a small increase weekly increases," she said.

"Lack of supply and increasing buyer demand is fueling clearance rates and above reserve results."

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Source: CoreLogic

Melbourne

Melbourne returned a preliminary auction clearance rate of 76.1 per cent this week as volumes increased across the city. 

A total of 769 homes were taken to market, up on the 662 auctions held last week when a higher 77 per cent sold as at final figures.

Ray White Victoria and Tasmania Chief Auctioneer, Matt Condon, said it had been an exceptional end to winter for the state.

"Preliminary data from Ray White Victoria showed high levels of auction bidders and healthy crowd sizes," he said.

"On the ground, you can really feel the confidence and strength in the market.”

Brisbane

There were 118 auctions held across Brisbane, returning a preliminary clearance rate of 45.8 per cent.

Brisbane's Apollo Auctions had an average attendance of 25.1 and an overall clearance rate of 72.3

Auctioneer Justin Nickerson said South East Queensland had "surged" to produce year high results for clearance and registered bidders.

"Buyers were out in force across the week with the average registered bidder numbers topping 3 for the first time in 2019," he said.

"This led to a strong clearance rate, with under the hammer sales from multiple competing parties especially prominent.

"As the increased spring volume kicks in, it will be interesting to see if the clearance rate can maintain its strength."

Across the smaller auction markets, Adelaide saw 62.5 per cent of homes sell at auction, making it the best performing of the smaller auction markets, although Canberra wasn’t far behind with a preliminary clearance rate of 61.5 per cent. 

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