- Preliminary clearance rate was 78.6% based on 2,585 results so far
- Nationally, this time last year saw only 480 properties taken to auction
- Houses continue to outperform units - 90.9% compared to 71.1%
Data from CoreLogic has revealed auction volumes have increased week-on-week with 3,033 homes taken to auction – the second busiest week for auctions this year.
The preliminary clearance rate, however, was lower at 78.6%, based on the 2,585 results recorded so far. During the previous week, 2,902 homes were taken to auction with a preliminary auction clearance rate of 80.4% that was eventually revised down to a final rate of 77.7%.
This time a year ago just 480 auctions were held across the combined capitals with only 59.9% of these reported auctions recording a successful result. Of course, pandemic-induced restrictions dampened auction activity during this period.
Auction clearance rates, week of 9 May 2021
As expected, houses continue to outperform units with 80.9% of houses recording a sold result compared to 71.1% for units.
Sydney saw 1,157 homes taken to auction, slightly above the 1,119 reported during the previous week and far greater than the 216 results seen this time last year. Preliminary results show that 82.6% of the 985 auctions reported so far have been successful. The preliminary clearance rate last week was 83.5% which was then revised down to 80.2%
Melbourne saw 1,420 homes taken to auction, up from 1,310 the previous and 163 compared to the same period last year. So far 1,222 results have been collected which reflect a 76.5 preliminary clearance rate – slightly down the 77.1% rate recorded the previous week.
In the smaller capitals, Brisbane and Adelaide recorded a preliminary rate of 72% and 77% respectively – significantly higher than the rate 47.6% and 51.9% rates seen last year while Canberra recorded an 85.% preliminary rate – the highest in the country.