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The combined capital city auction market saw gains in volume and success rate over the week to 12 September.
Of the 1,591 homes taken to auction in the past week, preliminary figures from CoreLogic indicate 72.3 per cent sold, building on the 67.7 per cent rate of success from last week’s final figures, when 1,423 homes hit the block.
Though the figures have fluctuated over the last month with COVID restrictions changing plans seemingly day by day, the gradual gains of this week are a marked improvement over figures from this time last year, when 816 homes went to auction with a 63 per cent success rate.
Melbourne’s market saw the greatest year-over-year growth, with 510 homes taken to auction, compared to just 13 during the same period in 2020. It’s also up significantly from the previous week, when 430 auctions were held.
Agents across the city have so far reported a 54.4 per cent clearance rate for the week, the highest preliminary clearance rate Melbourne has seen since mid-August. The final auction clearance rate for the week before came in at 43.8 per cent.
Sydney’s numbers, meanwhile, stayed steady, with 668 auctions held this week, compared to 607 over the previous week and 600 over the same period last year. Maintaining its winning streak, this also marked the seventh consecutive week that the city recorded a clearance rate above 80 per cent, with 83.8 per cent of auctions resulting in a sale.
Of the sales, 52.7 had offers accepted prior to the scheduled auction date, trending similarly to Melbourne’s numbers where 50.6 per cent were sold before auction.
Adelaide had the best week of the smaller markets, with a preliminary auction clearance rate of 88.1 per cent. Canberra came in next with 69.4 per cent, followed by 68.1 per cent in Brisbane and 63.6 per cent in .
Tasmania had only two auctions scheduled for the prior seven days, both of which were sold before going under the hammer.
Capital refers to the financial resources that are available to be used for income generation.