Auction markets brace for Easter break after near-record week

Auction markets recorded their busiest week since the week prior to Easter 2018, clocking a preliminary clearance rate of 84.4 per cent in the week ending 28 March, CoreLogic’s market survey revealed.

Countrywide, 3,791 homes were taken to auction across the capital cities, the busiest auction week since the week ending 25 March 2018, when 3,990 capital city homes were placed under the hammer.

Over the same period last year, a final clearance rate of just 37.3 per cent was recorded as withdrawal rates surged amid COVID-related restrictions.

“Home auction markets peaked at the weekend, hosting a flood of listings in the usual pre-Easter Super Saturday rush to market by sellers avoiding the distractions of the upcoming holidays,” Dr Andrew Wilson, Archistar’s chief economist, said in a statement.

“This year, however, supercharged housing markets have delivered record-level buyer and seller activity, reflecting the current seemingly insatiable demand for property,” Dr Wilson noted.

According to CoreLogic, Sydney, Melbourne and Canberra recorded clearance rates of well above 80 per cent, while Brisbane, Adelaide and Perth fell short.

In fact, Sydney topped the ladder with a preliminary rate of 89.1 per cent as 1,392 homes hit the hammer. Sydney’s final auction clearance rate continues to maintain strength, holding above 80 per cent for the past seven weeks, with CoreLogic confident last week’s final result will follow the same trend.

Melbourne, on the other hand, saw the largest number of homes taken to auction, at 1,899 in total, and clocked a preliminary result of 83.8 per cent.

Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate of 86.3 per cent, followed by Adelaide at 73.9 per cent.

Auction volumes are set to fall this week due to the Easter long weekend, with CoreLogic currently tracking around 880 auctions across the combined capital cities, while the Easter period last year saw 634 homes taken to auction.

All eyes on Sydney

Looking at the greater Sydney market, the Central Coast clocked the largest clearance rate of 95.8 per cent, having hosted a total of 29 auctions. The Northern Beaches came in second with 104 auctions and preliminary rate of 94.8 per cent, CoreLogic reported.   

A separate statement from Auction Insider revealed that Sydney’s median price for houses sold at auction was $1,573,000, or 2.3 per cent lower than previous weekend’s $1,610,000. 

Moreover, the top reported Sydney auction sale was a three-bedroom house at 4 Sea St Hunters Hill that sold for $9,000,000.

Conversely, the most affordable home was a two-bedroom house at 3/165-167 Adelaide St St Marys that sold for $423,990. 

[Related: Home sales profits beat pre-COVID levels]