There was something interesting in the latest auction clearance rates and it was not the fact that they reversed two straight weeks of declines. Rather, new figures have shown the rare occurrence of houses beating out the unit market, a rarity in the current property market.
Citing preliminary CoreLogic data, Business Insider Australia said 60% of all the homes that went under the hammer over the past week were successfully sold. On the other hand, only 57.1% of auctioned units were sold across the combined cities.
“An interesting result this week considering so far this year the unit market has consistently been the better performer," CoreLogic said, as quoted by Business Insider Australia.
The overall clearance rate across the combined capitals went up to 59.1%, a significant improvement from the preceding week's 56.2%. There was also an increase in the number of homes that were auctioned, from 1,324 to 1,400.
Of all the capital cities, Melbourne saw the highest clearance rate at 61.3%. There were 718 auctions in the city for the past week.
Adelaide and Sydney also recorded strong clearance rates of 59.2% and 59.1%, respectively. However, it has been the fifth week straight that the total auction volume in Sydney is below 500.
Collections: Mortgage News