- Capital city auctions fired up after the summer hibernation
- 891 homes were under the hammer this week
- The level is 42% more than the same week last year
Preliminary data from property research firm CoreLogic has shown that there were 891 homes for auction this week across Australia’s capital cities, considerably more (+42%) than at the same time last year.
The traditional opening week for property auctions saw a flurry of interest with the clearance rate achieving 80% (which will probably be revised lower), also higher than the same week 12 months ago, according to CoreLogic.
Melbourne was the busiest auction city during the week with 388 being held, with a preliminary clearance rate (selling under the hammer or before) of 83%. REIV reported similar numbers yesterday for Melbourne.
SQM Research counted 460 auctions in Melbourne (either on Saturday or during the week), with a 63% auction clearance rate – 151 sold at the auction, with another 138 selling prior. 23 were sold after the auction.
Over in Sydney, SQM identified 313 auctions during the week, with a 66% clearance rate. Meanwhile, CoreLogic reported a similar success rate of 80% in Sydney across 272 auctions.
Both Adelaide and Canberra experienced an 8 out of 10 clearance rate, with Brisbane clearing half its auctions, according to CoreLogic data. Perth, which traditionally sell relatively few properties by auction, saw two thirds of its properties under the hammer sell.
SQM had Canberra’s auction clearance rate at 75%, but Adelaide’s at 32%.
Whatever the actual rates were – and this is only preliminary data – the action across the major capital cities suggests the current property market fundamentals are strong.
As CoreLogic put it:
“This week’s preliminary auction results indicate the housing market is resuming last year’s trend of strong selling conditions and rising home prices. Over the coming weeks we are expecting the number of auctions to rise further, providing a timely test of the markets depth.”
Source: SQM Research interactive charts. Used, with permission.