Volume jump hasn’t curtailed clearance rates
Higher volumes have not diluted demand across Australia’s housing markets, with preliminary reports showing auctions are still hitting around the 80 per cent clearance mark in the biggest auction areas.
CoreLogic’s Property Market Indicator summary for the week ending 16 February 2020 showed that 1,555 homes were taken to auction across all capital cities last week – returning a preliminary auction clearance rate of 78.6 per cent.
It’s a jump on results from a week prior, where 1,167 auctions were held, which returned a final clearance rate of just 67.7 per cent.
The week’s results also showed a completely different picture to the same period last year, where 1,450 homes Australia-wide went under the hammer to return an auction clearance rate of just 51.2 per cent.
Melbourne saw 717 auctions for the week, the highest across all of Australia’s capital cities. It led to the Victorian capital recording a preliminary auction clearance rate of 79.2 per cent.
Sydney held 578 auctions of its own, returning a slightly higher preliminary clearance rate at 80.3 per cent.
Across the smaller auction markets, Brisbane had the largest auction volume, reporting 104 homes as having gone under the hammer and reaching a preliminary clearance rate of 61.5 per cent.
Adelaide was up next, returning a 75 per cent clearance rate from 82 total auctions.
Canberra showed some pent-up demand, returning a clearance rate above 90 per cent from 48 total auctions, while just 19 homes went under the hammer in Perth – leading to a strong 80 per cent auction clearance rate.
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