Market revival spurs on sellers

The higher volume did not spoil buyers for choice with preliminary auction clearance rates of 74 per cent, a slight increase from last week’s 72.8 per cent.

While the numbers show an increase in sellers, they are still 400 properties less than this time last year, although the clearance rate is much higher than 2018.

Across the individual property types, houses are consistently outperforming units in terms of clearance over the last five weeks.

Clearance rates from properties are at 74.8 per cent while units remain lower at 712 per cent.

The harbour city had 647 homes taken to auction, which is an increase of 585 homes from last week. Sydney’s preliminary auction clearance rate this week was 76.6 per cent. This time last year 861 Sydney homes went to auction with 51.1 per cent clearing.

There were 1,022 Melbourne homes taken to auction this week, 77.8 per cent of which returned a successful result, up from the 74.5 per cent final auction clearance last week when volumes were lower (826). One year ago, 53.8 per cent of the 1,161 Melbourne homes taken to auction were cleared.

Canberra was the best performing of the smaller auction markets, with a preliminary auction clearance rate this week of 65.3 per cent, Adelaide followed closely with 59.2 per cent of homes selling at auction.