Auction volumes across combined capital cities improved significantly on Sunday, June 17 – more than doubling the numbers from the week prior, according to preliminary data from CoreLogic’s Property Market Indicator Summary.
A total of 1,991 homes were auctioned, up from the 904 last week when the Queen’s Birthday long weekend tiggered low volumes. The preliminary clearance rate also climbed to 56.9%, notably higher from previous week’s 53.8%, the lowest level recorded across the combined capitals since 2012.
Melbourne was back as the busiest city for auctions week, listing 988 homes and returning a preliminary clearance rate of 58.7%. This is notably higher compared to last week’s 54.9%, which resulted in only 275 successful auctions.
Meanwhile, 701 auctions were held in Sydney, last week’s top auction spot. These resulted in a preliminary auction clearance rate of 55.8%, a significant leap from last week’s 56%.
The most expensive sale last week was a two-bed, one-bath, and two-car unit in Bondi Beach, New South Wales (NSW) which sold for $5 million. The second-highest sale was also in NSW: a four-bed, two-bath, and two-car house in Cremorne that went for over $4.1 million.
Darwin held the highest median “time on market” length among houses at 86 days, followed by Perth (82 days), and Brisbane (62 days).
Auction volumes fall before long weekend
Australian dwelling values are increasingly dependent on market prices
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