Auction markets are continuing to show strength as both the number of auctions and auction clearance rates trend higher.

There were 2,446 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 77.7 per cent.

In comparison, 1,596 auctions were held last week, returning a final clearance rate of 73.3 per cent.

Over the same week last year, auction volumes were lower with 2,293 homes going under the hammer across the combined capital cities, returning a final auction clearance rate of just 49.4 per cent.

Melbourne

In Melbourne, a preliminary auction clearance rate of 79.6 per cent was recorded across 1,215 auctions this week, while last week there were 743 auctions returning a final clearance rate of 76 per cent, the highest final clearance rate the city has seen since September last year.

One year ago, the clearance rate was just 50.6 per cent across 1,128 auctions.

REIV CEO Gil King said the auctions were led by the suburbs of Reservoir, Glen Waverley and Doncaster East with 20, 19 and 18 reported auctions, respectively. 

“Out of the suburbs that cleared 100 per cent of auction listings, Mount Waverley had the highest sold homes (14), followed by Blackburn and Preston, each with 10 properties," said Mr King. 

“Last week, a historic property was sold for $4,040,000 on 69 Fitzgibbon St, Parkville. This marks the suburb’s most expensive home sold since late 2017.”

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Source: CoreLogic

Sydney

There were 938 auctions held in Sydney this week, returning a preliminary clearance rate of 81.5 per cent.

In comparison, there were 583 auctions held over the previous week and the final auction clearance rate was 75.4 per cent.

One year ago, 801 auctions were held and the clearance rate came in at 50.2 per cent. 

Damien Cooley of Cooley Auctions said Saturday’s auction results reinforced two things for real estate agents.

"First that the market is booming and second that if you allow your sellers to get caught up in the pre auction hype you will lose control of the sale," said Mr Cooley.

"Cooley Auctions had 68 auctions over the weekend, 46 of them selling giving the auction company a 68% clearance rate.

"The biggest news out of the market is how many active buyers are out in force.

"Cooley averaged 5.6 registrations over the weekend and a total of almost 2.5m over reserve across these auctions. 

"One highlight sale was a 2 bedroom home at 4 Henry Street Queens Park, marketed by Edward Brown of Belle Property Bondi Junction, selling for 31 per cent above its reserve price with Auctioneer Briannan Davis."

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Brisbane

A total of 97 auctions in Brisbane saw a clearance rate of 62.7 per cent compared to last year, which saw 122 auctions with a clearance rate of only 37 per cent.

According to Justin Nickerson of Apollo Auctions, South East Queensland continued 2020 with another strong weekend with the overall clearance rate remaining above 50 per cent. 

"Although registered  bidder numbers dropped from the yearly high last week, the clearance rate was fuelled by a number of single bidder auctions suggesting a depth to the market that has not been present in some time," said Mr Nickerson.

"The first weekend in a month without extreme weather conditions also aided the average attendance – at 25.91 this was the highest so far in 2020.

"Peak volume of auctions continues now through till Easter – providing a great litmus test for the sustainability of the current positivity."

Other Markets

Adelaide saw 89 auctions with a clearance rate of 52.1 per cent compared to 112 auctions last year and a clearance rate of 49 per cent.

Canberra had 75 auctions held over the weekend and 70 per cent of those sold, while last year there were 96 auctions that sold 53.5 per cent.

Perth auctioned 29 properties and sold 35.3 per cent. This is compared to 32 auctions last year with a clearance rate of 23.8 per cent.

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