Auction market extends win streak

By Gerv Tacadena

Auction market recovered from last week's minor blip.

After witnessing a slight bump last week, Australia's auction market came back strong this week. New figures from CoreLogic showed preliminary clearance rates clocking in at 77%, up from last week's final success rate of 70%.

The higher clearance rate, however, came with lower auction volume. The number of homes taken to auction across combined capital cities this week was down to 1,529 from 1,615 homes last week.

Sydney had the most successful week in terms of clearance rates. Of the 522 homes listed in the New South Wales capital, 83.1% were successfully sold.

Also read: Will the housing market rebound be short-lived in case of a recession?

In terms of auction volumes, Melbourne recorded the highest number of homes put into auction at 769, which returned a clearance rate of 76.6%.

Of all homes that were put into auction, 1,047 were detached dwellings, and the rest were units. Houses had a higher clearance rate at 77.8%, compared to 75.3% for units.

On a yearly basis, the overall auction volumes were lower. During the same period last year, capital cities recorded 1,916 auctions. Last year's clearance rate, however, was just 55.3%.

The table below shows how each capital city auction market performed this week:

Here's how capital city auction markets performed this week.

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