Auction volumes surge past 3,000

Auction volumes surged past 3,000 for the first time this year across the combined capitals, returning a strong preliminary auction clearance rate of 70.5%, according to the latest data from CoreLogic.

Auction volumes returned to higher levels this week across the combined capitals, with a total of 3,275 homes taken to auction. Last week, 1,992 auctions were held across the combined capitals, with 66.1% of homes clearing. Over the same week a year ago, a 78.4% clearance rate was recorded across a higher volume of auctions (3,301 homes taken to auction).

When segregated by property type, units outperformed the house market this week, with 72.9% of units selling at auction, while 69.5% of houses sold across the combined capitals.

Both Sydney and Melbourne returned a strong preliminary auction clearance rate of 71.7% this week. In Melbourne, this was higher than the final figures from last week, when 69.8% of auctions cleared. Melbourne’s higher preliminary clearance rate was across a significantly higher volume of auctions week-on-week, with 1,610 held—higher than last week’s 932 auctions.

In Sydney, 1,221 homes were taken to auction this week, an increase from last week’s final clearance rate of 67.8% across a lower volume of auctions (737 homes taken to auction).

Among the smaller auction markets, Adelaide was the best-performing in terms of clearance rate, with 75.9% of the 107 auctions reported as sold. Perth returned the lowest preliminary auction clearance rate, with 52.6% of the 37 auctions reported as sold.