Powered by MOMENTUM MEDIA
subscribe to our newsletter

Auction clearance rates hold steady

Capital city preliminary clearance rates decreased marginally from last weekend but remained relatively steady week-on-week.

Auction volumes across Australian capital cities held their ground over the weekend after springing back last weekend from a slump in volumes, thanks to two major sporting grand finals.

Data from CoreLogic’s Property Market Indicator Summary for the week ending 20 October revealed that there were just under 2,000 capital city homes taken to auction this week.

This means auction activities are holding relatively steady week-on-week, after last week saw 2,022 capital city homes auctioned.

The numbers suggest the spring selling season is back in full swing, and the sporting grand finals weekends were a blip.

Advertisement
Advertisement

Auction numbers across capital cities stood at 1,949 homes for the week, with 75.6 per cent returning a successful result, according to preliminary results. This is slightly down on last week’s preliminary figure of 77.3 per cent (which was revised down to 73.5 per cent at final figures).

According to CoreLogic, this week’s final figure will sit below that, given the lower preliminary figures.

There were 912 Melbourne homes taken to auction this week, 75.1 per cent of which returned a successful result, down on the 75.2 per cent final auction clearance last week when volumes were higher.

Sydney returned a preliminary auction clearance rate of 84.3 per cent this week across a similar volume of auctions week-on-week. There were 724 homes taken to auction this week, only nine short off last week’s figures, when 76.9 per cent cleared as at final figures.

In the same week in 2018, there were 1,087 Melbourne homes taken to auction, out of which 45.7 per cent cleared. In Sydney, only 44.6 per cent of the 675 homes auctioned managed to clear in the same week last year.

PROMOTED CONTENT


Across smaller markets, Brisbane and Tasmania were the only markets that saw an increase in volumes, while Canberra, Perth and Adelaide all saw a decrease in the number of homes taken to auction.

[Related: AFL final puts brakes on Melbourne auctions]

Auction clearance rates hold steady
For sale sign
mortgagebusiness

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

Latest News

Lenders have begun offering disaster relief packages for customers impacted by Tropical Cyclone Seroja in Western Australia. ...

Boutique lender Apickle has launched new finance product for SMEs using eftpos that enable them to borrow up to $200,000 without an asset se...

The federal government said it is pleased that higher confidence levels have led to a strong housing market but said that it is “keeping a...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Tackling the home deposit challenge

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.