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Auction activity continues to surge across the country
According to the latest Corelogic auction clearance rate reporting, auction activity has once again continued in an upward manner, with 2,898 properties taken to auction across the combined capitals this week. When compared with last week, this represents an increase of 20.7 per cent and a 36.2 per cent increase on last years figures.
Thus far, 2,420 results have been gathered, and of these figures, 74.6 per cent of the results collected were successful, up from last weeks final clearance rate of 73.5 per cent, however down from its preliminary rate of 75.7 per cent.
As we await the remaining results, CoreLogic anticipates it is likely the week’s results will be revised down at final figures which could mark the end of the upwards trend in clearance rates seen throughout the year to date. When comparing clearance rates to this time last year, 79.6 per cent of auctions held were successful.
This week 1,328 homes were taken to auction in Melbourne, up 27.8 per cent from last week when 1,039 auctions took place. Melbourne was the busiest auction market in the country for the second consecutive week, hosting 45.8 per cent of this week’s auctions.
In terms of the success rate, of the 1,141 results gathered thus far, 74.2 per cent of auctions held were successful, making it the only capital to record a rise in its preliminary clearance rate. Compared to this time last year, when 77.4 per cent of the 1,095 auctions held were successful, this week’s auction activity is up 21.3 per cent.
Sydney’s auction activity surpassed 1,000 for the first time this year, with 1,020 auctions held in Sydney this week, representing an increase of 15.1 per cent on last week’s numbers where 886 homes were taken to auction. In terms of the same time last year, there were 252 more auctions this year compared to the 786 last year.
Of the results gathered so far, 855 auctions results have been collected, with a 75.6 per cent success rate, up slightly from last week’s final figures of 75.4 per cent. When compared to last year, when 83.4 per cent of auctions held were successful, this week represents a slight decrease in successful auctions.
Adelaide, Brisbane, Canberra & Perth
When looking at the results for the aforementioned cities, according to the initial figures, 550 homes were taken to auction, with the volume of auctions more than double the number recorded this time last year.
Canberra recorded its highest preliminary clearance rate for the fourth week running at 80.2 per cent for the 116 auction results collected thus far, followed by Adelaide at 76.5 per cent, Brisbane at 68.6 per cent and Perth at 66.7 per cent.
In terms of Tasmania, there were two auctions held this week, none of which has been recorded as a successful result thus far.
If you would like to discuss the Australian property market in more detail, please reach out to the team to organise a time to have a conversation about how Wealthi can help you build a successful property portfolio.
Chris Hynes is Wealthi’s Global Research Analyst, Based in London