Rise in Volume Across the Capital Cities Sees 70.5% of Homes Sold at Auction

 Rise in Volume Across the Capital Cities Sees 70.5% of Homes Sold at Auction

A larger number of homes were taken to auction across Australia last week, returning a preliminary clearance rate of 70.5%, as buyer confidence in the market grows.

Weekly statistics released by CoreLogic shows that, despite the pandemic, homes are still being sold under the hammer, with figures from this time last year only marginally better than last weeks data.

Auction Results

Sydney saw 815 homes taken to auction – the highest number since the beginning of April – which returned a preliminary clearance rate of 74.8%, in comparison with the week prior where 679 returned 72.4%.

Melbourne is still lagging behind in terms of auction volume, though the 60 homes that were scheduled for auction is a huge jump from the meagre 11 from the week prior.

A preliminary clearance rate of 28.6% was recorded last week, but it must be said that the easing of Melbourne’s restrictions and the welcoming back of private inspections should see those figures improve tenfold in the coming weeks.

Auction Results

Of the 14 homes that did sell in Melbourne last week, 13 were sold prior to auction.

Of the smaller capital cities, Canberra continues to lead the way, with 64 homes taken to auction, returning a preliminary clearance rate of 84.9%, with Adelaide closely following with 71 homes returning 77.3%.

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