Powered by MOMENTUM MEDIA
subscribe to our newsletter

Clearance rates, auction volumes bounce

A “significant increase” in clearance rates and auction volumes was reported over the December quarter, according to CoreLogic research.

Property research group CoreLogic’s latest quarterly auction update has reported a “significant increase” in clearance rates and auction volumes in the three months to 31 December 2019.

Over the quarter, the combined capital city clearance rate increased to 70.3 per cent from 26,923 auctions, up from a clearance rate of 43.6 per cent from 25,894 auctions in the previous corresponding period.

All major capitals reported higher clearance rates in the three months to December 2019 when compared with the same quarter in 2018. 

The highest clearance rate over the December quarter was recorded in Sydney (74.9 per cent from 9,546 auctions), followed by Melbourne (72.8 per cent from 12,870 auctions), Canberra (68 per cent from 937 auctions), Tasmania (62.2  per cent from 53 auctions), Adelaide (57.4  per cent from 1,385 auctions), Brisbane (45 per cent from 1,615 auctions) and Perth (39.5 per cent from 517 auctions).

Advertisement
Advertisement

According to Eliza Owen, head of CoreLogic residential research, the rise in auction activity has coincided with the rebound in property prices.  

“As prices in Sydney and Melbourne rose 6.2 per cent and 6.1 per cent, respectively, in the December quarter, a corresponding increase in auction market activity is expected,” she said.

“Vendors have been responsive to higher prices, with auction volumes up by 4 per cent year-on-year.”

According to the latest data from property research group CoreLogic, national home values have now risen by 4 per cent in the three months ending December 2019, following an 18-month downturn that saw values dip 8.4 per cent.

This comes as CoreLogic’s latest Pain and Gain report for the three months ending 30 September reported that 87.4 per cent of homes were resold for a profit, up 0.1 per cent compared with the previous quarter.

PROMOTED CONTENT


Property resales over the September quarter delivered a gross profit of $18.7 billion, up by $2.4 billion from $16.3 billion.

[Related: Property resale profits rise to $18.7bn]

Clearance rates, auction volumes bounce
Auction sold
mortgagebusiness

Latest News

The non-bank lender has announced the launch of specialist interest-free finance option for renewable energy technology. ...

The ME Bank acquisition will widen Bank of Queensland’s customer base to more than 1 million, according to new data from Roy Morgan. ...

The “high end” of the property market in the capital cities has benefited the most from the recent housing upswing, jumping 2.7 per cent...

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: How the broking industry has evolved - and what's next for Aussie

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.