The higher auction volumes over the week returned a preliminary auction clearance rate just short of 70 per cent, higher in localised areas.

As the remaining results are collected the final clearance rate is expected to revise lower, however it’s likely to come in higher than last weeks’ final clearance rate of 61 per cent.

Comparing results to one year ago, when housing values were falling and auction markets were much weaker, both volumes and clearance rates are higher than what we were seeing over the corresponding week last year, when 928 capital city homes were auctioned and just over half sold.

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Source: CoreLogic

Looking at results across each of the individual capital cities, volumes were higher over the week across all markets with the exception of Adelaide where the number of auctions held was lower, and Canberra where activity remained relatively steady.

Sydney

Sydney was the busiest auction market this week in terms of volumes with 428 auctions held across the city, returning a preliminary auction clearance rate of 79.9 per cent; the highest preliminary result across the capital cities.

Melbourne

A clearance rate of 80 per cent was recorded from 302 auctions reported to the REIV, with 243 selling and 59 being passed in, 29 of those on a vendor bid. 

This is the first time since April 2017 that the clearance rate has been as high as 80 per cent according to REIV CEO Gil King. 

“From 302 reported auctions, Melbourne’s Inner and Middle regions each held similar volumes of auctions, with just over 100 listings," said Mr King. 

“Top performing suburbs for last week was Craigieburn, Glen Waverley and Maidstone, each sold all 6 homes under the hammer. 

“It was a great auction week for Regional Victoria, which cleared 89 per cent from 19 auctions, higher than the average figure across Victoria.”

Brisbane

While Brisbane experienced a low clearance rate at 36.4 per cent, Mermaid Waters achieved a record sale of $2.7 million through Sotheby's International Realty.

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"(The) highest single block sale for Mermaid Waters (previously) was $2.68 million in March 2019," said Karen Pirie, Senior Sales Executive.

"(We held) an extensive national and international marketing campaign included targeted digital, social marketing and print.

"The auction campaign ran to perfection. There were 80 groups through with 6 registered bidders and 100 observers."

Other markets

Across the smaller cities, the performance was varied with 77.8 per cent of homes successful at auction in Canberra; the second highest preliminary clearance rate across all capital cities.

While only 36.4 per cent of homes sold at auction in Brisbane.

Over the coming weeks we are expecting the number of auctions to rise further, providing a timely test of the markets depth.

A clearance rate of 80 per cent was recorded from 302 auctions reported to the REIV, with 243 selling and 59 being passed in, 29 of those on a vendor bid.

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