Strong spring auction clearance rates continue ahead of grand final weekend

Strong spring auction clearance rates continue ahead of grand final weekend
Strong spring auction clearance rates continue ahead of grand final weekend

CoreLogic reported it was another strong weekend for auction activity, ahead of the grand final weekend slowdown.

There were 2,445 auctions held across the combined capital cities with a preliminary auction clearance rate of 78 percent.

Last week, the final auction clearance rate was recorded at 76 percent with 2,149 residential properties taken to auction.

At the same time last year, auction volumes were higher with just 69 percent of the 2,835 offerings finding buyers under the hammer.

"Over the first four weeks of Spring, auction clearance rates have consistently been recorded at a higher rate than over the corresponding weeks last year, while auction volumes remain around 20 per cent lower," CoreLogic spokesperson Kevin Brogan said.

Melbourne, Australia’s largest auction market, notched up a 79 percent success rate. Strong sales above reserve continued to be evident.

Six bidders sought the unrenovated cottage at 24 College Street, Hawthorn which was announced as on the market at $1.25 million and sold for $1,551,000.

In Fitzroy, a two-bedroom house at 80 Cecil Street drew four bidders. It was called on the market at $1.1 million and knocked down at $1.3 million.

Melbourne prices ranged between $216,000 at Reservoir and $4 million at Canterbury.

Strong spring auction clearance rates continue ahead of grand final weekend

It was a quaint 1930s knockdown home, Dooras without heritage overlay at 107 Mont Albert Road (above).

Across Sydney, 930 homes were taken to auction this week - with 580 on Saturday - with a preliminary clearance rate of 84 percent.

A Bronte timewarp was Sydney's, and the nation's, top sale when $7.35 million was paid – $1.35 million over reserve - for the late 1950s house at 3 Bronte Marine Drive (below).

Strong spring auction clearance rates continue ahead of grand final weekend

The buyers' guide was $5.8 million. The buyer is likely to add a third floor.

Sydney's cheapest sale was $480,000 at Whalan (below).

Strong spring auction clearance rates continue ahead of grand final weekend

The three bedroom house had last sold in June last year at $470,000, so the $10,000 price gain would not have covered costs.

It had been a $345 a week rental, so reflecting a 3.75 per cent gross yield.

Last week, the final clearance rate for Sydney was 81 percent, across 815 auctions.

One year ago, 1,200 Sydney homes were taken to auction and the clearance rate was 71 per cent.

Brisbane's preliminary clearance rate was 51 percent, up from 48 percent last week but lower than one year ago, when 55 percent of auctions were successful.

This week, Adelaide saw a preliminary clearance rate of 84 percent, with 87 reported results across a total of 126 scheduled auctions.

Adelaide's top sale was $1,682,000 for a sandstone 1930s Tudor-style home in Fitzroy.

Strong spring auction clearance rates continue ahead of grand final weekend

The 1 Braund Road offering (above) had a pre-auction price guidance of $1.5 million to $1.6 million. 

The five bedroom home had last traded at $385,000 in 1997, reflecting just over 8 per cent annual price growth with a renovation undertaken in 2004.

Perth’s clearance rate of 35.1 percent across 49 auctions was down from the previous week, when 39 auctions were held and a clearance rate of 45.2 percent was recorded.

In Canberra, 90 auctions were held this week, and of the 73 reported results, 70 percent were successful. 

Canberra prices ranged between $355,000 for a two bedroom Greenway apartment and $2.1 million for a three bedroom house in Forrest. 

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Auctions Clearance Rate

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