Melbourne and Sydney continue to perform strongly, despite the fewer volume of homes taken to auction over the first week of July. A total of 945 capital city auctions were held, returning a preliminary auction clearance rate of 68.9 per cent and a fourth consecutive week of above 60 per cent.

CoreLogic's market summary indicates that over the week prior, a higher 1,295 capital city homes were auctioned returning a 62.9 per cent final auction clearance rate. Auction volumes remain lower year-on-year, with 1,411 auctions held over the same week last year when a lower 52.6 per cent cleared.

Melbourne

Data from CoreLogic shows in Melbourne, a preliminary auction clearance rate of 70.3 per cent was recorded across 388 auctions last week, while the week before there were 535 auctions returning a final clearance rate of 68.6 per cent. This time last year, 631 auctions were held across the city, returning a clearance rate of 56.1 per cent.

Real Estate Institute of Victoria (REIV) CEO Gil King said there were 290 auctions reported to the REIV, with 209 selling and 81 being passed in, 33 of those on a vendor bid.

“Nearly half of last week’s auction sales occurred in Middle Melbourne which reported a 79 per cent clearance rate, led by Bentleigh East with seven auction sales," said Mr King. “Mount Waverley and Mulgrave cleared five listings in each.”

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14/10 Lincoln Crescent, Woolloomooloo, NSW sold for $4,900,000. As seen on Luxury List. 

Sydney

In Sydney, CoreLogic indicated that there were 552 auctions held last week returning a preliminary clearance rate of 78.2 per cent. In comparison, there were just 503 auctions held over the previous week returning a final clearance rate of 67.9 per cent. Same time last year, there were also 552 auctions held across the city, however, the clearance rate came in at a much lower 50.1 per cent.

Real Estate Institute of New South Wales President Leanne Pilkington said agents are reporting higher numbers at opens, and bidding at auctions, and whilst transaction numbers have increased over last week, there is still a long way to go. 

Smaller markets

Brisbane recorded a preliminary clearance rate of 40.6 per cent from 51 auctions.

Apollo Auctions had an average attendance of 28 people, with an average of 3.6 registered bidders. 

Auctioneer Justin Nickerson said on a weekend punctuated by lower than normal auction volumes, Queensland recorded a strong showing, despite the optimistic expectations of many vendors.

"Registration of bidders hit a yearly high, which in turn led to a decrease in active bidders. As auction volumes return to relative normality this week, it will be interesting to see the effect on the overall clearance," he said. 

Looking at the smaller auction markets, auction volumes fell week-on-week across all capital cities. Preliminary results show that clearance rates were up over the week in all cities except Perth.

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