Auction market hits best mark in four weeks

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While volumes may have been down as a result of the Anzac Day public holiday, Australia’s auction market put up a solid showing last week.

Figures from CoreLogic RP Data show there were 1,542 auctions held last week with the preliminary clearance rate currently sitting at 70%.

That figure is up from the previous week’s final result of 67.4% and if there is no downward revision it will be the highest mark recorded in four weeks.

Sydney was the nation’s strongest auction market last week, with the city holding 626 auctions and returning a preliminary clearance rate of 78.5%.

Both of those figures are up from the previous week, when Sydney held 477 auctions and returned a clearance rate of 69.8%.

The Eastern Suburbs was Sydney’s strongest sub-region last week, with it returning a preliminary clearance rate of 91.4%.

In Melbourne, last week saw 595 homes go under the hammer, down from the previous week’s 889.

Preliminary results show the city’s clearance rate has also dipped, with it currently sitting at 71% compared to last week’s 7.15%.

Inner Melbourne was the Victorian’s busiest sub-region last week, with it holding 99 auctions and returning a preliminary clearance rate of 70.3%.

In Brisbane, last week saw 129 auctions take place, with the preliminary clearance rate sitting at a lacklustre 40.9%.

The previous week saw Brisbane record a final clearance rate of 47%.

Auction volumes remained relatively steady in Adelaide, with the South Australian capital holding 101 last week compared to the previous week’s 100.

The city’s clearance rate did take a small fall though with the preliminary rate sitting at 59.7% compared to the previous week’s 61.7%.

In Canberra, last week saw 56 homes go to auction, a slight bump on the previous week’s 49.

The nation’s capital also saw a small increase in clearance rate, with the preliminary result sitting at 69.4% compared to the previous week’s 68.9%.

Perth held 30 auctions last week, with the city’s preliminary clearance rate currently at 30.4%.  

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