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Auction numbers are up Australia-wide, with 1,090 homes taken to auction over the week ended 11 October.
The latest CoreLogic Property Market Indicator summary has revealed that while auction numbers are still down by almost 50 per cent from the same time last year, auction numbers are looking up compared to data from previous weeks — pointing to a property market recovery of sorts.
The property research group reported just 648 auctions in the week prior.
Of the 822 results collected so far from the week ended 11 October, 71.5 per cent were successful, CoreLogic stated, which was up from last week’s preliminary figure of 69.3 per cent and which later revised down to 64.4 per cent at final collection.
It’s not a bad figure, considering that in the same week last year, despite almost double the number of auctions, a final clearance rate of 73.5 per cent was recorded.
Sydney especially saw a big spike in auctions, off the back of a long weekend.
Australia’s largest city saw 754 auctions over the last week, after seeing just 430 auctions the week before.
It’s reporting a 73.1 per cent preliminary clearance rate, which isn’t dissimilar to last week’s preliminary auction result of 73.2 per cent.
It’s a different story in Melbourne, where continued restrictions meant just 60 homes were taken to auction, with preliminary reports having flagged a 59.6 per cent clearance rate, while one-third were withdrawn.
It stands in stark contrast to the same time last year, when 974 homes were taken to auction.
Elsewhere, Canberra recorded an almost 80 per cent success rate from the week, with 78 auctions boasting a preliminary clearance rate of 79.5 per cent from a total of 96 auctions.
Adelaide also had a relatively successful week, with 41 auction clearances providing a preliminary clearance rate above 70 per cent — at 70.7 per cent.
In Perth, just 11 homes went under the hammer, with four of them posting clearances, while Tasmania reported just one property as headed to auction that resulted in a successful transaction.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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