Expert insights Buying Melbourne's outer east and Sydney's inner west the capital city auction hotspots: CoreLogic RP Data
Melbourne's outer east and Sydney's inner west the capital city auction hotspots: CoreLogic RP Data
Property ObserverDecember 7, 2020
In Australia’s largest auction market, Melbourne, the preliminary clearance rate of 80% over the week to May 24 was an improvement on the previous week’s final auction clearance rate of 78.3%.
Prior to this week, Melbourne’s clearance rate for the year to date was tracking at 77.6%, so this week’s result has shown further improvement across an already strong market.
There were 1,110 Melbourne auctions this week, with 961 results reported so far. Over the previous week, 1,012 Melbourne auctions were held, and a higher 1,211 were held last year, with a clearance rate of 66.6%.
This past week, the individual sub-region of Melbourne with the strongest result was the outer east region, where 87.3% of reported auctions were successful.
The clearance rate increased in Sydney this week to 86.9%, based on preliminary results, signifying that Sydney’s clearance rate of 85.0% last week was a brief dip, after the four previous weeks where Sydney’s clearance rate was recorded above the 87% mark.
No stopping the Sydney inner west engine room, as along Sydney’s individual sub-regions, the inner west region recorded the strongest result with a preliminary clearance rate of 94.7% across 76 results.
The preliminary national auction clearance rate was recorded at 78.4%, according to the CoreLogic RP Data weekend market summary.
Both the number of auctions and the auction clearance rate were up week-on-week, across the combined capital cities, with data to week ending May 24.
Last week auction volumes were higher than the prior week, with 2,470 capital city homes taken to auction, compared to 2,232 over the previous week when the clearance rate was recorded at 77.5%.
But the number of homes taken to auction was lower than last year, when 2,786 auctions were held, with its clearance rate last year at 67.1%.
Brisbane’s preliminary clearance rate across 86 results over the week to May 24 was 51.2%, increasing from 50.0% across 136 auctions last week.
At the same time last year, Brisbane was host to 185 auctions with 49.4% of properties recording a sale.
Across the Gold Coast, 40 auction results have been reported and based on this, the preliminary clearance rate is 35%.
Across Adelaide, there were 87 auctions this week, with 65 results collected so far. The preliminary clearance rate of 72.3% is higher than both last week (63.8%) and last year (64.2%).
There have been 20 Perth auction results reported so far this week with a preliminary clearance rate of 25%.
In Canberra over the past week, 100 auctions were held and so far, 69 results have been reported with a clearance rate of 65.2%.
There were 15 Tasmanian auctions held over the week. Of the 10 results reported, 2 properties have sold, the CoreLogic RP Data weekend market summary advised.
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Auctions