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Buyers make the best of good weather as preliminary clearance rates rise.
According to CoreLogic, the preliminary auction clearance rate increased from last week, rising to 67.4 per cent for the week ending 20 October, from 66.6 per cent the week prior, which adjusted downward to 60.8 per cent on final numbers.
The boost was recorded across 2,510 auctions, a slight reduction from the 2,598 auctions hosted over the previous week. Over the same week last year, 2,463 auctions were held across the combined capitals.
There were 1,069 houses that went up for auction across Melbourne last week, the third week running where more than 1,000 properties have gone under the hammer. It was the highest preliminary clearance rate in six weeks, with 62.2 per cent of these live sale events recorded as successful outcomes. The previous week’s preliminary clearance rate came in at 64.8 per cent, reducing to 57.6 per cent.
Last week saw 978 homes hit the block across Sydney, returning a preliminary clearance rate of 70.5 per cent, the highest in five weeks. Over the previous week, 1,018 homes were auctioned across the city and a preliminary clearance rate of 69 per cent was recorded, scaling back to 63 per cent on final numbers.
In the smaller capitals, Brisbane held the most auctions reaching 227 homes, returning a preliminary clearance rate of 47.6 per cent. This marked the weakest performance since the last week of April last year, which resulted in a 43 per cent preliminary clearance rate.
In Adelaide, 145 homes were auctioned last week, with 72 per cent recording a successful result so far – the strongest result in three weeks.
Across Canberra 71 auctions were held, with a preliminary clearance rate of 55.6 per cent.
More than 3,000 homes are scheduled to go under the hammer this week, providing a timely test of the market’s depth.
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