Australia’s auction market just recorded its strongest week — CoreLogic

By Gerv Tacadena

Australian capital cities witnessed the auction market at its most active this year.

Australian capital cities witnessed the auction market at its most active this year, with preliminary clearance rate hitting 70.6%, figures from CoreLogic show.

Around 901 homes were taken to auction across combined capitals this week. During the previous week, 847 homes were auctioned, returning a final clearance rate of 65.4%.

Based on CoreLogic estimates, the final clearance rate this week is expected to be around mid-60s again. During the same week last year, auction volumes were higher at 1,257 homes. The final clearance rate, however, only managed to reach 57%.

Also read: Healthy auction market recorded in June quarter — CoreLogic

Sydney reported the highest preliminary clearance rate --- of the 303 homes taken to auction, 81.5% were sold.

"Over the previous week, 72.8% of the 316 auctions were successful, the second week in a row where the final clearance rate held above 70%. One year ago, 407 auctions were held across Sydney returning a final clearance rate of 55.2%," CoreLogic analyst Caitlin Fono said.

On the other hand, Melbourne saw the most number of homes put to auction at 416. The Victorian capital recorded a preliminary clearance rate of 70%.

"In comparison, last week saw 348 homes taken to auction and a final clearance rate of 70.6% was recorded. Over the same week last year, a clearance rate of 59.9% was recorded across 613 auctions," Fono said.

The table below shows how each capital city performed.

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