- Across the combined capitals, volumes rose but clearance rates went down
- Melbourne, however, did see a slight increase in volumes and clearances
- Other capital cities continue to see strong clearance rates
The auction market in the capital cities continues to heat up, with last week the second busiest week of the year, according to CoreLogic.
3,292 homes went under the hammer, 8.2% higher than the previous week.
With volumes increasing, the clearance rate has gone down for the fifth week in a row. Nationally, 75.5% of the results collected so far have been successful.
Sydney
According to CoreLogic, Sydney had its second busiest week of the year, only being eclipsed by late March.
Last week, 1,290 homes went to auction in the nations largest city – significantly higher than the 840 that took place during the same time last year, and the 1,239 held last week. So far, a 75.1% clearance rate has been recorded.
SQM Research recorded the same trend.
Volumes increased from 1,378 to 1,440 but the clearance rate declined from 61.8% to 56.6% – the lowest since late July when it reached 51.6%.
Melbourne
The Victorian capital bucked the trend by recording an increase for both in its volume and clearance rate last week.
CoreLogic data showed that 1,566 homes went to auction last week, up by 11.3% compared to the 1,398 held the previous week. The preliminary rate increased from 72% to 74.1%.
SQM recorded similar increases. Total auctions rose from 1,510 to 1,665 and there was a marginal increase in the clearance rate from 53% to 54.9%. Volumes decreased significantly the previous week – most likely due to the Melbourne Cup.
Elsewhere…
Of the smaller capital cities, Brisbane recorded a 90% auction clearance rate from 285 auctions, Canberra 79.9% from 164 auctions and Adelaide 77.8%.
