Auction volume, clearance rate inch upwards

Figures from CoreLogic revealed that there were 1,090 homes taken to auction over the week ending 11 October, up from 648 over the previous week.

Of the 822 results collected so far, 71.5 per cent were successful, an increase from the previous week’s preliminary figure of 69.3 per cent, which later revised down to 64.4 per cent at final collection.

This time last year, there were 2,022 auctions held across Australia, while the final clearance rate over the same week last year was 73.5 per cent across the combined capital cities.

Melbourne has continued to record low auction volumes, with 60 homes going under the hammer last week, although this is an increase from the 55 auctions held during the previous week.

The city recorded a 59.6 per cent success rate across the 52 results collected so far, while just under one-third of reported auctions were withdrawn.

This time last year, Melbourne was host to 974 auctions, with a final clearance rate of 75.2 per cent.

The decline in the number of new property listings for sale over the 28 days ending 11 October has stabilised compared with previous weeks, dropping 29.9 per cent over the last 12 months to 5,262 listings.

There were 754 auctions held in Sydney last week, up from 430 auctions held the week prior.

Of the 587 auction results collected so far, 73.1 per cent were successful, similar to the previous week’s preliminary result of 73.2 per cent, which later revised down to 65.8 per cent at final results.

This time last year, there were 733 auctions held in Sydney, with a final clearance rate of 76.9 per cent.

New listings declined by only 4.6 per cent in Sydney over the last 12 months, with 6,496 new listings.

Across the smaller markets, Canberra returned the highest preliminary clearance rate out of all the capital cities last week of 79.5 per cent across 78 auction results, while Adelaide returned 70.7 per cent across 41 auction results.

Brisbane returned a preliminary clearance rate of 60.7 per cent across 56 auction results, while Perth returned a preliminary clearance rate of 57.1 per cent across seven auction results.

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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.