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Auction volumes, clearance rates see growth

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Malavika Santhebennur 4 minute read

Both auction volumes and clearance rates increased over the past week, closing the gap on the previous corresponding period, new CoreLogic data has revealed.

Research from CoreLogic has revealed that 1,164 properties were scheduled for auction in the week ending 14 June, which was the busiest week for auctions since the week ending 19 April.

The week also saw a corresponding improvement in the combined capital city preliminary auction clearance rate, with 63.3 per cent of home selling at auction.

In the previous week, there were 711 scheduled auctions with a preliminary clearance rate of 59.8 per cent, later revised down to 56.2 per cent at final figures.

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While volumes remain lower than one year ago, the gap has reduced considerably, with 1,505 auctions held one year ago with a 61.8 per cent clearance rate.

Modelling of sales volumes by CoreLogic recently showed that residential property sales plummeted by about 40 per cent over April. This coincided with the economic uncertainty resulting from the impact of social distancing measures due to the coronavirus pandemic.

However, as social distancing measures eased and on-site auctions and property inspections recommenced across the country, auction volumes have gradually increased.

In the week ending 14 June, both Melbourne and Sydney returned preliminary clearance rates above 60 per cent, with Sydney the best-performing of the two largest cities.

In Sydney, there were 532 homes taken to auction with a preliminary clearance rate of 67.3 per cent, compared with the 398 the week prior when 56.8 per cent were sold.

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There were 474 Melbourne homes taken to auction, with a 61 per cent success rate, which was more than double the auctions held the week prior, with 195 auctions and a final clearance rate of 60.0 per cent.

Across the smaller cities, Canberra was the best-performing market, with 40 auctions and a preliminary clearance rate of 75.8 per cent. There were 47 auctions in Adelaide, with a clearance rate of 57.6 per cent.

There were 14 homes taken to auction for the week ending 14 June, with only 20 per cent of auctions reporting a successful result.

[Related: Home sales on the rise despite struggling market]

Auction volumes, clearance rates see growth
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Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

 

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