Melbourne auction market clears 75 percent of 345 reported auctions: CoreLogic
In Melbourne, Australia’s largest auction market, 75 percent of the 345 reported auctions sold over the weekend, according to CoreLogic’s latest report.
The property data firm says that there were 542 auctions held across the city this week, up from 261 last week when the final auction clearance rate was 77.7 percent.
However it is lower than the 556 auctions held one year ago, with a higher clearance rate (74.4 percent).
The Inner region of Melbourne had the highest number of auctions this week (94), with a preliminary clearance rate of 72.6 percent.
Meanwhile, the strongest clearance rate was recorded across the North East region (89.2 percent) and Inner East region (82.1 percent).
In Sydney, 633 auctions were held this week, with the city seeing a significant increase in volume over the week, up from the 259 reported last week.
The preliminary clearance rate of 84.8 percent is up from 72.3 percent last week and also higher than this time last year, when a clearance rate of 78.1 percent was recorded across 513 auctions.
Looking at the sub-regions of Sydney, the Eastern Suburbs region recorded the strongest clearance rate of 96.2 percent across 36 auctions.
Meanwhile the North Sydney and Hornsby region had the highest volume of auctions (85).
Brisbane was host to 129 auctions this week and so far 70 results have been reported, with 65.7 percent sold.
Last week, auction volumes across the city were much lower with 102 auctions held across the city and a 57.1 percent clearance rate recorded.
The number of homes taken to auction this week fell across the Gold Coast with 47 properties up for sale this week.
Of the 17 results reported, 52.9 percent were successful.
Adelaide recorded a clearance rate of 72.3 percent across 87 auctions this week, up from 60.8 percent across 144 auctions last week.
At the same time last year, 91 homes were taken to auction, with 75.0 percent recording a successful result.
In Perth, 74 auctions took place this week, with 16 results reported so far.
Perth’s preliminary clearance rate of 37.5 percent across these 16 results is lower than last week’s result (45.8 percent), although higher than the clearance rate from one year ago (31.6 percent).
Canberra’s preliminary auction clearance rate of 80.0 percent this week is higher than last week, when the final auction clearance rate was 70.5 percent and higher than the 71.2 percent recorded last year.
Of the 13 Tasmanian auction results reported so far this week, 2 sales have been recorded.