Powered by MOMENTUM MEDIA
realestatebusiness logo

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.

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

Latest News

Discover some of the top news stories impacting the mortgages space in this weekly wrap-up. ...

The financial watchdogs have remained wary of risks to the housing market as cash rate rises flow through to mortgage customers. ...

Australia’s household wealth has reached $14.9 trillion largely due to house price momentum, yet quarterly growth has continued its recent...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

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