Auction Increase Sees Highest Clearance Rate in Months

 Auction Increase Sees Highest Clearance Rate in Months

Last week saw an increase in the number of homes taken to auction which returned the highest combined capital preliminary clearance rate since March.

Despite Melbourne’s auction market continuing to suffer, a rise in the number of properties that went under the hammer in some of the smaller capitals helped boost the figures.

The weekly data collected by CoreLogic revealed a solid week of auctions in Sydney with 679 homes scheduled for auction returning a preliminary clearance rate of 72.4%, up from 606 auctions the week prior which returned 70.4%.

That is, in fact, more auctions than this time last year, 646, whilst the preliminary clearance rate is marginally lower, 72.7%, significant considering the current economic climate.

As previously mentioned, Melbourne’s sustained lockdowns have had a massive impact on its auction market, with only 11 homes taken to auction last week.

Of the results collected so far, five sold prior to auction and two sold on the day. A stark contrast to this time last year when over 1,000 auctions took place returning a clearance rate of 75.6%. A clearance rate could not be provided for last week’s Melbourne results as the minimum sample size to record a clearance rate is 10.

With private inspections currently banned in Victoria due to restrictions, the REIV has called for Premier Andrews ease some of the restrictions which affect real estate which is crippling the state’s economy.

Across the smaller capitals, Canberra continues to perform the best, with 74 homes recording a preliminary clearance rate of 89.2%.

Adelaide closely followed with 73 homes scheduled for auction returning a preliminary clearance rate of 64%.

Of the regional areas, the Sunshine Coast leads the way with an impressive clearance rate of 90.9%. With many Australians opting to swap the city for the surf, the Sunshine Coast is high up on the list of desirable destinations.

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