Last week saw the largest number of homes taken to auction in months as Australia’s auction market shows consistent signs of growth.
Weekly data released by CoreLogic shows that, following on from the recent easing of restrictions surrounding real estate in Victoria, an influx of listings in Melbourne has led to a spike in auction activity in recent weeks.
In fact, 505 homes were scheduled for auction in Melbourne last week – the most since July and the most ever on grand final weekend. Melbourne returned a preliminary clearance rate of 72.6% up from 65% the week before.
In total, 1,456 homes were scheduled for auction last week, returning a preliminary clearance rate of 76.2%. Both figures mark a rise on the week prior’s, but still a significantly lower number of auctions in comparison to this time last year – 2,622.
In Sydney, 712 homes went under the hammer, and of the 551 results collected so far, 80.4% were sold, meaning a there was a rise in both the volume and clearance rate in The Harbour City.
Across the smaller capitals, both Canberra and Adelaide posted impressive preliminary clearance rates above 80% whilst auction activity in Perth and Brisbane was mixed.