Capital city auction activity ramped up after the seasonal slowdown, with 1,122 homes taken to auction this week, with volumes almost doubling on last week’s 625 auctions held. The higher volumes over the week returned a preliminary auction clearance rate just short of 70%. As the remaining results are collected the final clearance rate is expected to revise lower, however it’s likely to come in higher than last weeks’ final clearance rate of 61%.
Comparing results to one year ago, when housing values were falling and auction markets were much weaker, both volumes and clearance rate are higher than what we were seeing over the corresponding week last year, when 928 capital city homes were auctioned and just over half sold.
Looking at results across each of the individual capital cities, volumes were higher over the week across all markets with the exception of Adelaide where the number of auctions held was lower, and Canberra where activity remained relatively steady.
Sydney was the busiest auction market this week in terms of volumes with 428 auctions held across the city, returning a preliminary auction clearance rate of 79.9%; the highest preliminary result across the capital cities.
There were 401 Melbourne homes taken to auction this week, with 74% returning a successful result according to preliminary figures.
Across the smaller cities, the performance was varied with 77.8% of homes successful at auction in Canberra; the second highest preliminary clearance rate across all capital cities. While only 36.4% of homes sold at auction in Brisbane.
Over the coming weeks we are expecting the number of auctions to rise further, providing a timely test of the markets depth.