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Auction activity has rebounded from last week’s stumble, with auction activity across the combined capitals returning to the upward trend seen over the preceding three weeks.
Across the capitals, 1,911 residential properties hit the block over the course of the past week. The previous week saw 1,746 homes go under the hammer, while this time last year, weaker selling conditions saw 1,611 go to auction – a -15.7 per cent dip.
Preliminary clearance rates crept higher for the second consecutive week, with 71.3 per cent of the results collected so far indicating a sale.
The previous week’s preliminary clearance rate came in at 71 per cent (revised to 64.5 per cent at final figures), while this time last year, 56 per cent of auctions were successful.
Melbourne had the most homes hit the block, with 842 looking for new owners during live sales. This was up 9.1 per cent from the 772 held the previous week, and 31.6 per cent above last year’s figures for this period.
Preliminary clearance rates in the Victorian capital, however, wavered, with the rate dipping below the 70 per cent mark for the third time in four weeks – 69.5 per cent of the results collected so far were successful.
A preliminary clearance rate of 71.9 per cent (revised to 65 per cent at final figures) was recorded the week prior, while this time last year, 58.8 per cent of auctions were successful.
Sydney, meanwhile, had 772 homes go to auction, an increase of 11.6 per cent from the 692 held the week before. The city hit a high note with clearance rates, as 75 per cent of the results collected so far indicating a sale – the best sale rate in the past five weeks.
The rise in the preliminary clearance rate was also accompanied by a fall in the withdrawal rate (11.4 per cent) and the portion of properties passed in at auction (13.6 per cent).
The results mark a strengthening for the harbour city, with a strong rebound from the week prior’s preliminary clearance rate of 69.1 per cent, which revised to 63.4 per cent at final numbers.
Across the smaller capital cities, Brisbane was the busiest with 125 homes auctioned, followed by 92 in Adelaide and 69 in Canberra.
The strongest preliminary clearance rates, however, were in the South Australian capital for the seventh week running, with Adelaide returning a positive result for 74.5 per cent of the current sales. Canberra came second with a preliminary clearance rate of 68.5 per cent, while Brisbane returned a positive result in 62.5 per cent of sales.
According to CoreLogic, the number of auctions is likely to trend higher over the coming weeks, alongside an early rise in the volume of listings, with over 2,000 capital city auctions currently scheduled for this week.
The firm’s economists said they’ll be keeping a keen eye on clearance rates, with results to provide a timely indicator for the balance of advertised supply and purchasing demand as the spring selling season draws closer.
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