Agents were busy across the country last week as steady volumes of properties up for auction gave similar results, says CoreLogic.
There were just under 2,000 capital city homes taken to auction this week, with auction activity relatively steady week-on-week after last week saw 2,022 capital city homes auctioned.
Of the 1,949 auctions that took place, 75.6 per cent returned a successful result according to preliminary results, coming in lower than last week’s preliminary figure of 77.3 per cent, which
revised down to 73.5 per cent at final figures.
It’s expected that this week’s final figure will come in below that, given the lower preliminary figure.
At a glance:
Last year, 2,139 homes were taken to auction over the same week, however only 46 per cent of these sold.
Melbourne
There were 912 Melbourne homes taken to auction this week, 75.1 per cent of which returned a successful result, down on the 75.2 per cent final auction clearance last week when volumes were higher (974).
One year ago, 45.7 per cent of the 1,087 Melbourne homes taken to auction cleared.
CoreLogic's market analyst Kevin Brogan said he believes next week will see a bigger increase of houses going to auction in Melbourne.
"It's a combination of Spring, the residential market having increased 44 per cent since July, although this is still 13 per cent below this time last year," said Mr Brogan.
"A significant increase in volumes is overdue and there is a continuing strengthening of the markets, thanks to low interest rates."
Gil King REIV CEO said middle Melbourne still dominated the auction market as Glenroy, Mount Waverley, and Reservoir each sold 10 homes under the hammer last week.
“Suburbs in Outer Melbourne also had an average clearance rate of 80%, higher than Victoria’s average of 77% – led by Craigieburn which sold 6 of 7 homes listed under the hammer.” said Mr King.
“Out of the suburbs that cleared all auctions listed for the week, Bentleigh East sold the most with 8 homes. Followed by Glen Waverley and Glen Iris with 7 properties in each.
“The top auction sale of last week is 104 Caroline St at South Yarra, which was sold at auction for $6,300,000, making this the highest price for auction sale in South Yarra this year.”
Source: CoreLogic
Sydney
Sydney returned a preliminary auction clearance rate of 84.3 per cent this week across a similar volume of auctions week-on-week.
There were 724 homes taken to auction this week, a difference of only 9 auctions on last week’s figures (733) when 76.9 per cent cleared as at final figures. Last year, a lower 675 Sydney homes were auctioned returning a 44.6 per cent success rate.
32 Lilley St, Hendra in Queensland sold at auction. Photo: Luxury List
Canberra and other markets
Canberra was the best performing of the smaller auction markets, with a preliminary auction clearance rate this week of 64.2 per cent, Adelaide followed closely with 63.3 per cent of homes selling at auction.
Perth's clearance rate followed up with 58 per cent and Brisbane, despite a lower clearance rate compared to other cities, had a busy weekend with 140 properties going to auction.
"This is the busiest Brisbane has been since June, despite the low clearance rate," said Mr Brogan.
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