Spring Auction Action

Spring selling fever has hit the auction market with an almost 15% increase in properties going under the hammer last weekend and an even higher number already scheduled for next week.

According to Cotality figures, there were 2436 properties taken to auction last weekend and 2600 are already scheduled for next week across the combined capital cities.

Despite the higher number of properties on offer, preliminary clearance rates were slightly lower during the first two weeks of spring, although still above 70%.

The clearance rate across the combined capital cities last weekend was 74.8%

Cotality economist, Kaytlin Ezzy, says despite that  “subtle easing”, the clearance rate is a strong result and higher than the winter average.

Melbourne has had more than 1000 properties offered for auction each week for the past three weeks. It had a clearance rate of 75.2% last week. Adelaide was 75.4%, Sydney, 74.7%, Brisbane, 74% and the ACT was 73.3%.