Capital city auction numbers continue to climb

WITH 2831 capital city homes taken to auction, last week was the busiest week of auction activity since mid-December last year.

Real estate data firm Cotality reported the volume of auctions is set to rise further this week, with approximately 3400 homes currently scheduled to go under the hammer.

“The weighted average preliminary auction clearance rate across the combined capitals has been fading as auction activity rises, reducing from 73.7% (week ending February 8) to 70.7% (week ending February 15) to 68.0% last week” the report said.

“Despite the easing, clearance rates are holding above the lows of mid-December, which plumbed the low 60% range.

“Melbourne remains the auction volume epicentre, with 1395 homes taken to auction last week, a solid 67% jump on the volume of auctions a week earlier.”

Scheduled auctions are even higher this week, with around 1660 homes set to go under the hammer before dropping to around 530 next week due to the upcoming Labour Day public holiday.

Melbourne’s preliminary clearance rate reduced to 68.1% last week, down from 70.6% the week prior.

Cotality reported 997 auctions were held in Sydney last week, a 29% rise from the week prior.

“The preliminary clearance rate is trending lower, reducing to 67.1% last week, down from 70.1% the previous week and 79.6% the week before that.”

Brisbane was home to 156 auctions last week, with 66.7% reporting a positive result so far, down from 70.9% the week prior.

Some 142 auctions were held in Adelaide last week with 82.6% reporting a successful outcome, by far the highest preliminary clearance rate of any capital city.

The ACT saw 122 auctions last week, with only 58.6% recording a positive outcome so far.

There were 15 auctions held in Perth last week, returning a preliminary clearance rate of 72.7%, while, so far, just one of the three auctions reported in Tasmania has been successful.