Weekend auction market still soaring with rate holding above 70%

Auction activity has continue to rise through in the final month of spring, however the number of auctions remains well below the highs recorded a year ago.

The preliminary clearance rate was 77.5% across 2,490 reported auction results. 

This is higher than last week’s final clearance rate of 74.4 per cent, with auction volumes increasing compared to the 2,253 Capital city auctions reported last week.

Over the corresponding week last year, auctions volumes were significantly higher with 2,947 auctions reported and a 61.4 per cent clearance rate.

The high rate of clearance is evident in the distinct markets, where Melbourne reported an 80.5 per cent clearance rate, up from the previous weeks 77.5 per cent, also Sydney (82.1 per cent) and Canberra (79.5 per cent) producing high clearance rates week-on-week reporting above 80 and 70 per cent respectively, four weeks in a row.

The Melbourne housing market clearance rate increased to 80.5 per cent this week and auction volumes also increased with 929 auctions held over the week, up from 632 over the previous week.

Over the corresponding period last year, the clearance rate was 69.0 per cent across 1,204 auctions.

Looking at Melbourne’s sub-regions, the Mornington Peninsula region was the best performer in terms of clearance rates, with a 90.6 per cent success rate across 44 auctions, followed by the Inner East region, where 86.0 per cent of the 112 auctions sold.

Sydney’s preliminary auction clearance rate was 82.1 per cent this week. 

Last week, the Sydney housing market clearance rate was 80.5 per cent, while one year ago results show a significantly lower clearance rate of 58.4 per cent.

In terms of the number of auctions across the city, this week volumes were slightly lower, down to 1,063 from 1,100 last week.

One year ago 1,248 Sydney homes were taken to auction over the week.

The Northern Beaches sub-region of Sydney has shown the strongest performance so far this week, with 92.1 per cent of the 111 reported as sold.

There were 183 Brisbane auctions this week with a preliminary clearance rate of 54.1 per cent

The Brisbane housing market clearance rates increased from 46.6 per cent last week across 192 auctions and higher than one year ago when there were 168 auctions with a success rate of 37.7 per cent.

The Gold Coast’s preliminary clearance rate was 33.3 per cent across 50 results this week.

This week, Adelaide saw a preliminary clearance rate of 68.1 per cent, with 91 reported results across a total of 142 scheduled auctions.

In comparison, over the previous week Adelaide’s clearance rate was 71.8 per cent and 58.1 per cent one year ago.

There were 51 Perth auctions this week and so far 22 results have been reported, with 31.8 per cent selling.

Last week there was a 37.8 per cent clearance rate for Perth.

Across Canberra a total of 113 auctions were held this week, compared to 93 last week and 122 at the same time last year.

Canberra’s preliminary clearance rate of 79.5 per cent is higher than it was the previous week (70.5 per cent).

There were 9 Tasmanian auctions held this week.

3 were reported as sold.