Login
iscover
Despite the rising number of auctions across Australian capitals, the preliminary clearance rate has dipped below 70 per cent for the third consecutive week.
CoreLogic’s latest Property Market Indicator Summary showed that the preliminary auction clearance rate across the combined capitals continued to decline gradually in the week ending 16 March.
This activity marks the third consecutive week where the early clearance rate has remained at 69.1 and 3 percentage points below the recent high of 72.1 per cent recorded in the last week of February.
The number of auctions held increased to 2,550 last week, recovering from a decline of 1,572 the previous week, which was influenced by Melbourne’s Labour Day weekend and Cyclone Alfred in Queensland.
Melbourne recorded the highest number of auctions last week, with 1,227 homes taken under the hammer, a significant increase from the 486 auctions the week prior.
Melbourne’s preliminary results showed a 70.3 per cent preliminary success rate last week, marking the fifth consecutive week where the success rate has remained above the 70 per cent mark.
Sydney’s 921 homes that were taken to auction last week represented the third-highest volume of auctions held in a week so far this year, an increase from 842 the week prior.
Preliminary results in Sydney continue to be above 70 per cent for the sixth week running, recording a clearance rate of 71.4 per cent.
Brisbane leads the smaller capitals in auction activity, with 171 homes put up for sale, a significant increase from the 71 homes auctioned the previous week, which were affected by ex-Tropical Cyclone Alfred.
Brisbane’s preliminary clearance rate came in at 59 per cent, the highest so far this year.
Real Estate Buyers Agents Association of Australia (REBAA) president, Melinda Jennison, said buyers seemed unfazed by last week’s weather events with high open home attendance in Brisbane’s inner- and middle-ring suburbs.
“The fact that the market appears to have shaken off the Cyclone Alfred interruption is really a barometer of the sound fundamentals of the region’s property market,” Jennison said.
Apollo Auctions Gold Coast auctioneer, Rob Doorey, said the Gold Coast market has returned to normal despite having called fewer auctions.
“My auction clearance rate was 75 per cent across a variety of properties from Tweed Heads and Southport to Mermaid Waters, Miami and Broadbeach Waters,” Doorey said.
“Those properties that went ahead with auction – looking at that clearance rate of 75 per cent – we actually did better than before.”
In South Australia, CorleLogic reported 126 auctions in Adelaide last week, recording a preliminary success rate of 62.2 per cent.
In the ACT, 87 homes were held, reaching a preliminary clearance rate of 57.4 per cent, the lowest since the start of February.
Perth recorded just 16 homes with an early success rate of 81.8 per cent, while Tasmania only held two auctions.
You are not authorised to post comments.
Comments will undergo moderation before they get published.