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It has been a strong week for auction activity across the capital cities, with the number of auctions more than doubling in Sydney and Melbourne, according to the latest figures.
The CoreLogic Weekend Market Summary for the week ending 12 February shows that the combined capitals region recorded a preliminary auction clearance rate of 76.6 per cent, up from the week prior when the final clearance rate dipped to 68.7 per cent.
Auction volumes saw a significant increase over the week. Volumes climbed week-on-week across all of the capital cities, with the exception of Adelaide which saw a decrease.
Last week, 1,564 properties across the capital cities were taken to auction, compared to 881 the prior week.
At the same time last year, auction volumes were lower, with 1,400 capital city auctions held and a lower clearance rate of 71.8 per cent.
There were 542 auctions held across Melbourne last week, up from 261 the week before when the final auction clearance rate was 77.7 per cent.
Sydney held 633 auctions, up from 259 the week prior. The preliminary clearance rate of 84.8 per cent is up from 72.3 per cent and also higher than this time last year, when a clearance rate of 78.1 per cent was recorded across 513 auctions.
Brisbane was host to 129 auctions and so far 70 results have been reported, with 65.7 per cent sold.
Adelaide recorded a clearance rate of 72.3 per cent across 87 auctions, up from 60.8 per cent across 144 auctions the week prior.
In Perth, 74 auctions took place last week, with 16 results reported so far. Perth’s preliminary clearance rate of 37.5 per cent across these 16 results is lower than prior week’s result (45.8 per cent), although higher than the clearance rate from one year ago (31.6 per cent).
Canberra’s preliminary auction clearance rate of 80.0 per cent is higher than the prior week, when the final auction clearance rate was 70.5 per cent and higher than the 71.2 per cent recorded last year.
Of the 13 Tasmanian auction results reported so far, two sales have been recorded.
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