Auction clearance rates continue to soar

The latest data from property research group CoreLogic has reported a preliminary auction clearance rate of 77 per cent across capital cities, for the week ending 8 September 2019.

There were a total of 1,529 homes taken to auction throughout the week across capital cities.

Comparatively, the same week last year recorded a volume of 1,916 auctions across capital cities, with a clearance rate of just 55.3 per cent.

While auction volumes reduced slightly, the clearance rate results improved from the previous week (ending 1 September), which saw 1,615 homes go to auction, and a clearance rate of 70 per cent across capital cities.

CoreLogic noted that final clearance rates have now held above 70 per cent for the last three consecutive weeks.

In the week ending 8 September, Melbourne recorded the largest volume of auctions, as 769 homes went under the hammer, returning a preliminary clearance rate of 76.6 per cent.

These results show a marginal improvement from the final clearance rate of 74.4 per cent in the week previous, and a sharp improvement on the same week last year, which resulted in a final clearance rate of 60 per cent across 891 auctions in Melbourne.

Sydney auctions recorded a preliminary clearance rate of 83.1 per cent across 522 auctions in the week ending 8 September, also improving on the previous week’s final clearance of 74.5 per cent from 590 total auctions.

Compare this to the results from one year ago, in which 656 Sydney homes went to auction with a final clearance of just 50.6 per cent.

However, Adelaide and Brisbane experienced no change to clearance rates compared to the week previous, although both cities showed lower auction volumes.

Meanwhile, Canberra saw an increase in the number of homes listed for auction compared to the previous week, whereas Perth and Tasmania saw no change in auction activity.

[Related: Buyer sentiment continues to rise]