Aus-wide auction snapshot for weekend revealed
Auction clearance rates are improving Australia-wide, after four consecutive weeks where the final clearance rate has stayed above 60 per cent.
CoreLogic data has shown that 854 homes were taken to auction across all capital cities over the weekend, returning a preliminary clearance rate figure of 69 per cent.
The weekend result comes after the previous weekend recorded “the highest final clearance rate since April last year” when 953 homes were taken to auction with a final clearance rate sitting at 64 per cent.
Over the same week last year, auction activity was reported as being higher, at 1,178 homes, but the increased volume returned a lower clearance rate of 52 per cent.
Despite the strong overall result, a state-by-state breakdown using CoreLogic data shows a mixed result across the country’s capital cities:
Sydney
The country’s largest city saw a preliminary 77.2 per cent clearance rate over the weekend, with 318 total auctions recorded.
Houses comprised 201 auctions with a 74.3 per cent clearance rate, while 117 units also went under the hammer, returning an 82.1 per cent clearance rate.
At the same time last year, Sydney had returned a clearance rate of 46.9 per cent.
Median house price: $1.15 million
Median unit price: $875,000
Melbourne
Melbourne saw slightly higher volume than Sydney, with 352 total auctions pushing through a 73.6 per cent clearance rate.
Houses made up 214 of the properties up for grabs, returning a 72.5 per cent clearance rate, while just over three-quarters (75.5 per cent) of the 138 units up for auction were sold.
This time last year, Melbourne was returning a clearance rate of 56.2 per cent.
Median house price: $792,500
Median unit price: $680,000
Brisbane
Out of the 77 total auctions held over the weekend in Brisbane (70 houses and 7 units), only 30 per cent found buyers.
It makes the city’s clearance rate lower than the same weekend in 2018, when 70 properties returned a 37.9 per cent clearance rate.
Median house price: $720,000
Median unit price: n.a.
Adelaide
South Australia’s capital saw a 54.3 per cent clearance rate over the weekend, coming from a 58-strong pool of property (54 houses, 4 units).
It’s tracking similarly to this time last year, when 67 properties were up for auction, which returned a 55.6 per cent clearance rate.
Median house price: $645,000
Median unit price: n.a.
Perth
Just 10 houses and two units were on offer in Perth over the weekend, returning a 28.6 per cent sale success rate.
It paints a slightly different picture to 2018’s corresponding weekend, which saw 26 total auctions and a 43.5 per cent clearance rate.
Median house price: n.a.
Median unit price: n.a.
Canberra
The nation’s capital had a strong weekend with a total clearance rate of 71.4 per cent bolstered by more than four out of every five (81.8 per cent) houses that went under the hammer finding new owners.
Out of 36 total auctions, 28 of these were house dwellings.
Despite a lower volume of properties on offer compared to 2018, when 47 total auctions took place on the same weekend, this year’s auction had a higher clearance rate, with 2018’s clearance rate at 65.9 per cent.
Median house price: $665,000
Median unit price: n.a.
More from this writer:
-
The 7 cities yielding the best outcomes for investors
-
‘Treat your property like a small business’, investors advised
-
Queensland cladding compliance deadline extended
-
Why women dominate real estate purchases
-
Can you see cranes from your investment property? There’s something you should know
-
Expert insight: How investors can win with sunset clauses
-