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Auctions Remain Hot

Auctions Remain Hot

Auction clearance rates remain solid throughout Australia despite the traditional Winter slowdown in the market.

The number of homes going to auction has also been down as a result of the King’s Birthday public holiday in some states last week.

Despite that there were still 2,232 properties taken to auction, nearly 15% higher than at the same time last year.

CoreLogic data shows the preliminary combined capital city clearance rate was 72.9% - the strongest result since the first week of May.

Adelaide was once again in the top spot with a clearance rate of 89%, followed by Sydney, 75%, Canberra, 73%, Melbourne, 70% and Brisbane, 69%.

CoreLogic says the results show that the auction market is resilient and suggests that demand is keeping up with the rise in vendor activity.

“The trend in auction markets lines up with the broader trend in new listings, where vendor activity was 9.5% above the previous five-year average, while overall stock levels were tracking 16.1% below the five-year benchmark, demonstrating a healthy rate of absorption.”


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