Auction market shows signs of life

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CoreLogic reported preliminary auction results for this week, with 2,742 homes going under the hammer. This marked a slightly higher figure than the 2,701 auctions held the previous week.

The preliminary results showed a clearance rate of 47% this week, up from last week’s final clearance rate of 41.9%, which was the lowest result recorded since June 2012.  While this week’s number is lower than the final clearance rate of 60.3% across 3,291 auctions seen at the same time last year, this already reflects a significant improvement compared to the dropping rates nearly a month ago.

Melbourne, one of the largest auction markets, saw an increased preliminary auction clearance rate of 45.8% was across 1,381 auctions. Last week, there were 1,132 auctions returning a final clearance rate of 41.4%. Last year at that time, 1,647 Melbourne homes were auctioned with 65.4% returning a successful result.

Sydney followed the upward shift, with a preliminary rate of 50.6% across 927 auctions. Last week, 1,035 auctions were held and the final auction clearance rate was at 44.8%. During the same period in 2017, 1,143 auctions were registered across the city and the clearance rate came in at 56.2%.

Canberra returned the strongest preliminary clearance rate among the smaller auction markets at 50%, while only 33.3% of auctioned Perth homes were sold.

Units continued to outperform houses with 49.4% of this home type being bought at the auction. Only 46.1% of auctioned houses, on the other hand, were sold across the combined capital cities.

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