Login
iscover
Last week saw the national auction market recover to its usual robust levels, after an ebb in the previous week fuelled by the Melbourne Cup.
Usually the golden child of the Australian auction market, the week before last saw auction levels in Melbourne dip as the city psyched itself up for the start of the Spring Racing Carnival. The week ending 12 November, however, saw the Victorian capital make a healthy rebound to a total of 1,180 auctions, according to CoreLogic data.
Melbourne’s recovery had a flow-on effect to the broader auction numbers across Australia’s major cities. In total, 2,681 homes were auctioned across Australia’s combined capital cities last week, making it the third-busiest auction week this year.
Clearance rates did not look so promising, with results tracking in the low 60 per cent range. While last week’s preliminary clearance rate most likely remained below the 65.8 per cent decade average, CoreLogic was keen to stress that this would still be substantially above last year’s clearance rate of just 57.6 per cent.
In Sydney, auction levels surpassed the 1,000-mark for the third consecutive week. With only 70.4 per cent of auctions ending with a sale, last week was Sydney’s lowest preliminary clearance rate in five weeks, accompanied by a rise in withdrawals and a lowering in the portion of properties passed in at auction.
Adelaide continued to see the country’s highest clearance rates. So far, the preliminary clearance rate was just a whisker under 80 per cent, hopefully making up for the South Australian capital’s lower auction numbers, which recorded a -11.8 per cent drop from the week prior.
Brisbane also saw a high preliminary clearance rate of over 71 per cent, the city’s highest in five weeks. Down in Canberra, only 56.8 per cent of the 129 homes that went under the hammer ended in a sale, while seven of Perth’s 16 auctions reported a successful result.
The one auction held in Tasmania last week was unsuccessful.
This week, CoreLogic predicts auction numbers to bounce back even higher than last week, with a total of 3,200 properties currently scheduled to go under the hammer.
You are not authorised to post comments.
Comments will undergo moderation before they get published.