Auction markets get busier as volume swells

By Gerv Tacadena

Australia's auction market recorded another stellar week, with nearly 2,000 homes going under the hammer.

Australia's auction market recorded another stellar week, with nearly 2,000 homes going under the hammer, according to the latest report from CoreLogic.

There were 1,986 homes that were put into auction last week, a 21% increase from the previous week's 1,639 properties. Overall, the auction market recorded a preliminary success rate of 74%, higher than the previous week's final clearance rate of 72.8%.

"While we did see a pickup in auction activity this week, volumes remain lower than one year ago. Over the same week last year around 400 more properties were taken to auction, although almost half of these failed to sell," CoreLogic analyst Jade Harling said.

Also read: Tips for Winning a Property at Auction

Houses consistently outperformed units in terms of clearance rate for the past five weeks, registering a showing of 74.9%. The clearance rate for units was 71.2%.

Melbourne led this week's growth both in clearance rates and auction volumes. The Victorian capital recorded a clearance rate of 77.8% for 1,022 homes. In Sydney, 647 homes were taken to auction, returning a clearance rate of 76.6%.

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

Auction statistics for September 24.

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