The latest data from CoreLogic has revealed that in the week ending 16 June, combined capital city auction volumes increased 85 per cent, rising from 803 homes taken to auction over the Queen’s Birthday long weekend to 1,487.
The preliminary clearance rates also spiked, rising from 51.3 per cent to 66.4 per cent.
CoreLogic noted that it’s likely that as the remaining results are collected, the clearance rate will hold above 60 per cent for the first time in over a year.
Further, the property research firm reported that while auction volumes declined when assessed year-on-year – down from 2,002 – the clearance rate was higher than the same week last year, up from 52.4 per cent.
The data also revealed that Melbourne reported the highest auction volumes (725) and recorded a preliminary clearance rate of 67.9 per cent.
Over the previous week, 215 auctions were held across Melbourne, with a final clearance rate of 62.8 per cent.
When assessed year-on-year, auction volumes were down from 992, but the clearance rate improved from 56.2 per cent.
Meanwhile, in Sydney, 522 homes were taken to auction in the week ending 16 June, up from 313 last week.
A preliminary clearance rate of 74.7 per cent was reported, up from 56.2 per cent last week.
According to CoreLogic, Sydney’s preliminary clearance rate is on track to be the most successful result the city has seen since at least April 2018.
In the same week last year, Sydney reported a clearance rate of 49.4 per cent, while auction volumes totalled 708.