Highest Auction Volume in Nine Weeks Shows Market Confidence is Growing

 Highest Auction Volume in Nine Weeks Shows Market Confidence is Growing

Last week’s preliminary auction clearance results dipped ever so slightly on the week before, but the highest number of auctions in nine weeks is a positive sign for Australia’s property market and one that shows that the effects of COVID-19 seem to be somewhat wavering – in the capital cities at least.

Weekly figures released by property data analytics company CoreLogic showed a total of 1,424 homes were scheduled to go under the hammer across the capital cities over the weekend, up from 1,262 the previous week.

Credit: CoreLogic

With a solid preliminary clearance rate of 64.5%, down just slightly from 66.1% the week before, showing that seller confidence is still high despite the increasing volume.

As per usual, Sydney and Melbourne saw the vast majority of auctions held, with 614 in Sydney and 623 in Melbourne, with the remaining capital cities holding a combined 187 auctions.

The two largest cities saw clearance rates of 66.9% and 62.7%, but it was Canberra that saw the highest clearance rate with an impressive 88.5%

Cities Adelaide and Perth also saw a jump in clearance rates compared to the previous week, but Brisbane saw a dip of over 10% in preliminary results.