Clearance Rate Rises as Auction Volume Drops Slightly

Australia’s auction market is continuing to post impressive figures with consistent results once again recorded across the capital cities.

CoreLogic property data shows that 1,739 homes were scheduled to go to auction across Australia last week, and of the results collected so far, 75.1% were successful.

The week prior saw 1,758 homes return a preliminary clearance rate of 73.2%, so figures are showing a solid level of consistency, however, when considered with this time last year, when 2,590 scheduled auctions returned a preliminary clearance rate of 70.1%, the auction market is understandably subdued.

Last week saw Melbourne host 603 auctions which returned a preliminary clearance rate of 73.5%, whereas the week prior saw almost identical results recorded with 606 auctions returning a preliminary clearance rate of 71.8%.

Sydney continues to lead the way in terms of auction volume with 849 homes going under the hammer returning a preliminary clearance rate of 76.6%. The week before saw 853 homes return a clearance rate of 78.6%, so once again, marginal differences.

Of the remaining capital cities, Adelaide posted the highest preliminary clearance rate of 90.9% with Canberra a close second with 89.7%.

The average auction sale price across Australia last week was $1,040,000, Sydney recorded the highest average price– $1,395,000 and Adelaide the lowest with $683,000.