CoreLogic reports that last week, the combined capital city weighted average auction clearance rate strengthened across higher volumes.
There were 2,128 capital city homes taken to auction last week, returning a final auction clearance rate of 79.6%, improving on the week prior when a 77.1% final clearance rate was achieved across lower volumes (1,496). One year ago, a higher 2,517 homes were taken to auction over the same week with 72.7% selling.
Melbourne’s final auction clearance rate improved as volumes increased over the week, with a total of 1,095 auctions held across the city returning a 77.4% final clearance rate. The week prior saw 635 auctions held across the city when 70.6% sold. Last year, 1,248 Melbourne homes were auctioned over the same week with a slightly lower success rate (76.1%).
In Sydney, a final auction clearance rate of 83.4% was recorded across 768 auctions, down only slightly from the previous weeks 83.9% when a lower 625 auctions were held. One year ago, 963 auctions were held with 74.5% successful.
Across the smaller auction markets, Adelaide was the best performing in terms of clearance rate with 83.3% of the 73 homes taken to auction reporting a solid result. Followed closely by Canberra were 82 auctions took place and 81.7% sold.
An analysis of the weekly clearance rate across the combined capital cities over the last decade reveals just how strong the auction market is at present.
Realty.com.au Content Director, Kevin Turner said, figures supplied by CoreLogic this week when plotted on a graph (above) demonstrate the devastating impact COVID had on auction performance but also the property industry’s rapid ability to adapt and compensate.