Brisbane emerges as property powerhouse
Brisbane has solidified its position as a property market hotspot by reaching new record highs amid the pandemic, accord...
It’s been the busiest week for auctions since mid-July with 2,727 homes going under the hammer last week across Australia’s combined capitals.
CoreLogic’s latest Property Market Indicator Summary said the weekly total is 741 homes higher than the previous week’s 1,986 auctions, and a far cry from the 1,084 homes that were taken to auction during the same period last year.
It’s the third consecutive week that a combined capital city clearance rate above 80 per cent was reported by CoreLogic, with 83.3 per cent of auctions finding success, according to preliminary data, from 2,244 results, and comes after the previous week reported a final clearance rate of 83.2 per cent.
During the same time last year, just 66.4 per cent of auctions were successful.
Increasing number of homes being auctioned and lower withdrawn auctions show greater vendor confidence in Melbourne as the city had its busiest week with 1,357 homes taken under the hammer compared to the 805 the previous week. There was 81.9 per cent success of the 1,114 results reported. Melbourne’s final clearance rate last week was 85.3 per cent, down from the preliminary rate of 87 per cent.
It appears like lockdown uncertainties that initially caused withdrawal rates in Melbourne to rise is over, as withdrawal rates continue to fall. This week, Victoria’s capital recorded a 7.7 per cent withdrawal rate, a big drop from the 61.6 per cent reported in late August. The report showed 36 per cent homes out of 912 successful results were sold prior to auction.
Meanwhile, Sydney’s auction volumes are on an upward trend that’s continued since late August after a slight slump due to a long weekend. A total of 832 homes went under the hammer, lower than the 890 homes scheduled to be auctioned but still higher than the previous week’s 753 homes and the 751 homes taken to auction at the same time last year.
Sydney is on its 7th week of recording 80+ per cent clearance rates, achieving a preliminary clearance rate of 83.2 per cent, after achieving a final clearance rate last week of 81.6 per cent.
Successful sales seem imminent as Sydney prepares to reopen, with 53.4 per cent of 611 successful results sold prior to auction.
For the smaller capital auction markets, Canberra leads with its highest clearance rate since late July, reporting 93.6 per cent success. Adelaide recorded an 89.7 per cent preliminary clearance rate, while Brisbane’s stayed strong at 81.3 per cent.
had 13 successful auctions out of the 16 homes scheduled, and all of Tasmania’s three homes up for auction generated successful results for their vendors.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.
Real estate is a type of real property that refers to any land and its permanent improvement or structures that come with it, whether natural or man-made.