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The real estate market is already feeling the heat again, with strong gains reported by CoreLogic for the week ending 30 January 2021.
Australia’s combined capital cities recorded a 166.1 per cent boost to auction activity, with 1,160 homes auctioned, which is a far cry from the 436 sold the week prior. Last year during the same period, 884 homes were sold.
Out of the 885 results reported so far, 74.1 per cent have been successful, an increase from the preliminary clearance rate of 68.6 per cent the previous week, and which was revised down to a final clearance rate of 66 per cent.
CoreLogic’s Caitlin Fono has reported that the numbers indicate a strong start to the year, as the market still tries to recover from seasonal lows, showing the “highest preliminary clearance rate across the combined capitals since the week ending 21st November 2021 (74.5 per cent)”. At the same time last year, 77.2 per cent of auctions reported were successful.
Melbourne’s volumes more than doubled from the week before when 140 homes were up for grabs at auction. It saw 393 homes go under the hammer.
So far, 68.4 per cent of the 320 results obtained have been successful, an increase from the previous week’s final clearance rate of just 60.4 per cent.
Sydney is on a roll as its volumes more than tripled, hosting 326 auctions this week compared to only 73 reported the week before and 270 over the same time last year.
Out of the 254 results obtained, 70.5 per cent have been successful – a sharp increase from last week’s final clearance rate of 54.9 per cent.
Adelaide emerged as the busiest among the smaller capital cities, reporting the highest preliminary auction clearance rate of 83.6 per cent from 194 auctions. Not to be left behind are Canberra, with 82.3 per cent from 79 auctions, and Brisbane, with 81.5 per cent from 152 auctions.
Perth reported 58.3 per cent success from the 12 auctions held, while Tasmania’s one auction also found success.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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