Auction Market Holds Steady The weather may be starting to cool off but auction market isn’t with clearance rates consistently remaining above 70%.
CoreLogic figures show that the preliminary auction clearance rate for last weekend was 72.9% with the number of properties being offered under the hammer higher than at the same time last year. There were 1,950 capital city properties scheduled for auction last weekend.
While the Adelaide auction market has been performing well of late (generally around 80% or higher) it was actually Sydney which had the highest clearance rate last week of 78.3%.
It was followed by Adelaide, 76.4%, Brisbane, 71.7%, Melbourne, 69.8% and Canberra 63.3%.
The data shows that houses (73.3%) had a slightly higher clearance rates than units (71.1%) in capital city markets in the past week.
Outside of the capital cities, clearance rates were highest in the inner west of Sydney, 92.6%, Melbourne’s outer east, 83.3%, and Newcastle and Lake Macquarie, 81.5%.
According to CoreLogic the volume of auctions for the upcoming weekend is set to rise, with around 2,200 auctions already scheduled.
