Picture looking rosier for auction numbers

FEWER auction withdrawals has led to the nation’s highest auction clearance rate since June.

The preliminary clearance rate across the combined capitals rose to 55.1 per cent last week, the highest in 11 weeks, after a low of 47.4 per cent for the week ending June 21, according to property data analysts Cotality.

Despite this improvement, clearance rates remain well below the decade average of 68 per cent.

Last week, only 16.2 per cent of auctions were withdrawn before the event, the lowest proportion since late April.

By comparison, 23.7 per cent were withdrawn during the week ending 21 June, when the clearance rate was at its lowest.

Fewer vendors are choosing to sell by auction.

In late March, auctions accounted for approximately 40 per cent of new capital city listings but, by the first week of August, this had declined to about 26 per cent, according to Cotality.

The volume of auctions across the capital cities totalled 1388 last week, up 10.4 per cent on the week before.

That was still 12.5 per cent below the same time last year, the 12th week running under year earlier levels.

Nearly half the national total came from Melbourne, where 654 homes went to auction, up 17 per cent on the week though still 11.9 per cent below a year ago.

At 60.8 per cent, the preliminary clearance rate cleared 60 per cent for the first time since the week of May 24, up from 59.6 per cent a week earlier, Cotality added.

In Sydney, 421 properties went to auction, 3.7 per cent more than the previous week but 24.3 per cent fewer than a year ago.

The clearance rate rose to 57 per cent, the highest in four weeks and well above 49.7 per cent a week earlier.

Some 163 properties went under the hammer in Brisbane, up 19.9 per cent on the week and 31.5 per cent higher than this time last year.

Cotality reported fewer of those found a buyer, with only 38.1 per cent of auctions reporting a successful outcome, 3.9 percentage points down on the previous week’s 42 per cent.

Among the smaller capitals, Adelaide’s preliminary clearance rate fell to 46.8 per cent, its lowest in five weeks.

Auction volumes remained steady, with 94 auctions, 2.2 per cent above the previous week but 5.1 per cent below last year.

Perth held nine auctions, while Tasmania had none.

Auction activity is expected to remain steady, with approximately 1320 auctions scheduled this week and about 1380 the following week.