Image: Canva.
  • Over 2,600 homes headed under the hammer.
  • A preliminary clearance rate of 69.0% was recorded.
  • Melbourne saw a huge rebound in auction activity; an increase of 712 homes auctioned.

After a quiet previous week, a huge Melbourne recovery saw the Australian auction market make quite the comeback at a 32.5% rebound across the combined capitals, totaling 2,681 homes under the hammer, according to CoreLogic.

CoreLogic’s Kaytlin Ezzy says Melbourne saw 1,180 auctions held across the city, a huge improvement over the mere 468 homes auctioned the previous week. Ezzy attributed the chasm in numbers to vendors choosing not to compete with the start of the Spring Racing Carnival.

This time last year, Melbourne hosted 938 auctions and recorded a final clearance rate of 60.6%.

The latest activity shows the combined capital’s auction clearance rate holding firm, with the clearance rate coming in at 69.0%.

Although it’s just below the 70% mark for a third consecutive, the latest results were up 40 basis points from the previous two weeks, when preliminary results of 68.5% and 68.6% were recorded.

City Clerance rate Total aucitons CoreLogic auction results Cleared auctions Uncleared auctions
Sydney 70.4% 1,041 814 573 241
Melbourne 67.7% 1,189 897 607 290
Brisbane 71.2% 155 111 79 32
Adelaide 78.8% 157 85 67 18
Perth 70.0% 16 10 7 3
Tasmania N/A 3 1 0 1
Canberra 56.8% 129 95 54 41
Weighted average 69.0% 2,681 2,013 1,387 626

Source: CoreLogic.

Sydney held above the 1,000 mark for the third consecutive week, hosting 1,041, down slightly from the 1,059 held the week prior. Sydney’s withdrawal rate also rose to 15.1%, while the portion of properties passed in at auction fell to 14.5%.

In the Sydney sub-regions, Blacktown achieved the strongest preliminary result (81.5%), with the South West (79.2%) and Ryde (75.0%) coming in at second and third.

Melbourne’s sub-regions saw the Outer East attaining the highest preliminary clearance rate (79.0%). Following the Outer East was North West (76.0%) and North East (70.8%).

However, Adelaide stood out with the strongest clearance rate, with preliminary results coming in at 78.8%. Despite recorded a -11.8% decline week-on-week, Adelaide was also the busiest among the smaller auction capitals last week.

 

Weekly clearance rates for combined capital cities

clearance rates for combined capitals
Source: CoreLogic.


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