Australia’s house auction markets just had another good week

- February 25, 2020 < 1 MIN READ

The rebound in the Australian home auction market continued last week as both the number of auctions and clearances continued to trend higher, according to the latest figures from CoreLogic.

Across the combined capital cities, 2,446 homes went to auction, with a preliminary auction clearance rate of 77.7%. That’s up from 1,596 auctions the previous week with a final clearance rate of 73.3 per cent. The same week in 2019 saw 2,293 homes go under the hammer at a clearance rate of just 49.4%.

In Melbourne, the preliminary clearance rate was 79.6% from 1,215 auctions, well up on the previous weeks 743 auctions at a final clearance rate of 76% – the highest final clearance rate the city has seen since September last year, and well above the 50.6% clearance rate 12 months ago

Sydney had 938 auctions at a preliminary clearance rate of 81.5%, compared to 583 auctions in the previous week for a final clearance rate of 75.4% – and a 50.2& clearance 12 months ago.

In the smaller markets, Canberra recorded the highest preliminary clearance rate at 70%, followed by Brisbane at 62.7%.