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Clearance rates have remained strong in the face of heavily increased volume across the country this week, according to CoreLogic.
Australia experienced 2,393 auctions over the week — a 29.6 per cent increase on the previous week’s showing. Following last week’s year-high final clearance rate, the research firm revealed that 69.7 per cent of the 1,929 results collected so far were positive.
In Melbourne, 1,125 homes went under the hammer last week, up 38.2 per cent on the previous week, resulting in 966 results collected so far, with a preliminary clearance rate of 68.2 per cent recorded — a 50-basis-point, week-on-week increase and a higher figure than the 67.6 per cent reported during the same week last year.
The city’s outer east was its strongest performing sub-region, reporting a 78.4 per cent success rate from 107 total auctions. On the opposite end of the spectrum, the Mornington Peninsula ranked as the weakest-performing area with a preliminary clearance rate of 55 per cent from 29 auctions.
Sydney held 851 auctions last week as a result of a 24.1 per cent activity increase throughout the harbour city. So far, 691 results have been collected, with 71.8 per cent reporting success. It marks a 6.2 per cent increase on last week’s 78 per cent preliminary clearance.
The inner south west firmed up as the most successful sub-region in the city after it recorded a 79.3 per cent preliminary clearance rate from 105 auctions, while the outer south west’s 43.5 per cent success rate from 13 auctions marked it as Sydney’s weakest performer.
Among the smaller capital cities, Adelaide recorded the highest preliminary clearance rate (86.6 per cent), followed by Brisbane’s 64.8 per cent and Canberra’s 59.8 per cent. The Queensland capital was the busiest of the trio, hosting 145 auctions, while 138 and 123 homes went under the hammer in Canberra and Adelaide respectively.
In Perth, two of the four results collected so far were successful, while the one result received in Tasmania was unsuccessful.
CoreLogic anticipates fewer auctions next week, with slightly more than 2,100 capital city homes scheduled for auction.
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