Auction market heating up
Auction volumes across the nation have shot up, with clearance rates still high across capital cities.
New figures from CoreLogic show auction volumes topped 2,000 across capital cities for the first time in 2017. A total of 2,280 dwellings were brought to auction last week, with a clearance rate of 77%. The volume of auctions was up significantly from 1,591 the previous week.
“The larger number of auctions was driven by a substantial rise across the Sydney and Melbourne markets, while the number of auctions held actually saw a decrease across the smaller capital cities over the week,” CoreLogic researcher Cameron Kusher said.
Sydney and Canberra saw the highest preliminary clearance rates, at 83.5% and 81.5%, respectively. Melbourne also saw a strong week for auctions, with a preliminary clearance rate of 76.7%.
Perth had the weakest clearance rate at only 36.8%. Nevertheless, the result was up significantly from the 25% clearance rate reported in the city for the previous week.
While auctions were up from the previous week, the remained down on the same week last year, when 2,347 auctions were held. However, the same week last year saw a lower clearance rate, at 71.8%.