auction clearance rates hold despite more properties going to auction
The auction clearance rate holds at over 70 per cent despite more properties being auctioned. Image: Canva.
  • The preliminary clearance rate is 70.2%.
  • Melbourne led by number of properties, Sydney led by clearance rates.
  • The first week of August is expected to see fewer properties auctioned.

Clearance rates have held steady across the nation, despite an increase in properties taken to auction.

The preliminary figures came in at 70.2% from the 1,481 results collected, according to CoreLogic, with 1,961 homes taken to auction across the capital cities. The latest figure represents a 50 basis point fall from last week’s 70.7% clearance rate, while properties going to auction increased 13.1%.

CoreLogic’s Duane Kaak noted the past three weeks of increasing properties coming to market is atypical for the winter, however:

“The number of homes taken to auction is expected to decrease for the first week of August.”

Duane Kaak, CoreLogic

These unseasonably high results compare to 1,913 dwellings auctioned across the capitals, last year, recording a final clearance rate of 54%.

Sydney leads on clearance rates

The city recorded the highest clearance rate among the capitals this week at 72.4%, according to CoreLogic, however, the figure is down from last week’s preliminary result of 74.2%.

According to preliminary Domain data, Sydney saw 637 auctions scheduled, 330 sold, 69 withdrawn, and 48 passed in.

Melbourne had the most properties go to auction, with 846 homes going under the hammer, according to CoreLogic. Preliminary Domain data recorded 700 scheduled auctions, with 367 sold, 49 withdrawn, and 126 passed in.

The smaller capitals all saw fewer auctions this week compared to the same time last year, however, clearance rates were above last year’s figures.

Top sales across the nation

CoreLogic’s Property Market Indicator Summary also listed some of the top sales across each of the states and territories.

Sydney’s top two sales over the past week saw a six-bedroom, six-bathroom, Kingscliff home go for $7.25 million. Also in the top two was a $6.85 million Newtown terrace that has clearly seen some TLC since it last came to market.

The property at 41 Georgina Street, Newtown, was previously sold in April 2019 for $3.15 million by LJ Hooker, according to Domain.

The frontage previously featured climbing vines and a cream-yellow colour, while the updated look sports a minimalist, yet striking, neutral colour palate, sans vines.

The rear of the terrace home has also seen some sprucing up, including a new fireplace.

Another notable sale was made in Queensland – a $5.5 million property in Tallai that is more akin to a luxury, tropical, resort than a home.

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