A solid week of auction results across the capital cities saw Australia’s auction market remain firm, with preliminary data almost mirroring statistics from the week prior.
Weekly figures released by property analytics company, CoreLogic, show that the market is progressing well, though results remain some way off where they were this time last year.
Overall, 1,758 homes were scheduled to go under the hammer last week, just one more than the week prior, with a preliminary clearance rate of 73.2% recorded, down from 77% the week before.
The easing of restrictions in Victoria has meant that Melbourne’s auction market has really picked up, with 606 scheduled auctions returning a preliminary clearance rate of 71.8% last week.
In comparison with the week prior, two more homes went to auction this week, though the preliminary clearance rate dropped from the previous 75.8%.
In Sydney, 853 scheduled auctions returned a preliminary clearance rate of 78.6%, down 1% on last week’s figures but up on this time last year’s 76.8%.
Sydney continues to lead Australia’s auction market, although Melbourne is expected to catch up in the coming weeks with pent up buyer demand, due to the sustained lockdowns, causing the Victorian market to pick up the pace.
Of the remaining capitals, Adelaide (77.8%) overtook Canberra (76.2%) by recording the highest weekly preliminary clearance rate as figures dropped in Brisbane (36.4%) and Perth (44.4%).
The bigger picture bodes well for Australia’s property market as momentum builds ahead of the festive period, with housing values surging across the capital cities and government incentives leading to growing buyer confidence nationwide.