A rise in Australia’s auction activity last week saw a slight lift in the combined preliminary clearance rate, with a return to the action for one city in particular.
Weekly data released by CoreLogic shows 1,134 homes were scheduled to go under the hammer last week, returning a preliminary clearance rate of 72.4%. However, the figures are still some way off last year’s 1,955 homes returning a clearance rate of 72.1%.
A spike in Melbourne’s auction activity significantly boosted results, with the highest auction volume in two months recorded. 188 homes were scheduled for auction in Victoria’s capital returning a preliminary clearance rate of 65%.
Of the sold results in Melbourne collected so far, 27% were sold prior to auction – a much lower figure than in weeks gone by – as restrictions ease, and market confidence grows.
In Sydney, despite a drop in volume, a preliminary clearance rate of 75.9% was recorded. Over 60% of Australia’s auctions were scheduled in Sydney with 707 homes ready to go under the hammer, almost as many as this time last year.
Across the remaining capitals, as always, Canberra to outperform its rival’s with 59 homes scheduled auctions returning an impressive preliminary clearance rate of 85.7%.
The remaining capitals all saw a decrease in clearance rates with Adelaide recording the second highest with 70.6% then Perth with 55% and lastly Brisbane with 54.7%.