Australia’s property auctions are starting to boom again

Mani con chiavi con sfondo porta di casaPhoto: AdobeStock

Australia’s real estate auction markets are heading back towards boom levels, the national clearance rate at 78.6%, based on preliminary results, and Sydney, Melbourne Canberra and Perth around or above an 80% clearance rate with the number of properties also well above the levels seen 12 months ago.

Capital City Auction Statistics (preliminary). Source: Corelogic 

 

A combined 1,555 homes nationally went to auction in the capitals nationally, returning a preliminary auction clearance rate of 78.6 per cent. In comparison, 1,167 auctions were held the previous week, returning a preliminary clearance rate of 69.4%, before revising down to a final clearance rate of 67.7%.

In the same week last year, auction volumes were lower with 1,450 homes under the hammer in capital cities, for a final auction clearance rate of just 51.2%.

 

Weekly Clearance Rate, Combined Capital Cities. Source: Corelogic

 

As an indication of how much things have turned around Melbourne’s preliminary clearance rate was 79.2% on 717 auctions this week, while the previous week saw 419 auctions return a final clearance rate of 68.5%. A year earlier, the clearance rate was 52.5% 657 properties.

Sydney showed similar improvement with 578 auctions delivering a preliminary clearance rate of 80.3%, up from 447 auctions the previous week for a final clearance rate was 77.6%. A year ago, the clearance rate was 54.6% on 523 auctions.

Amid last week’s results, Brisbane saw a high number of homes (104) on the block for a smaller capital, but returned the lowest preliminary clearance rate at 61.5%.

 

Source: Corelogic

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