Over the past three months, clearance rates across the combined capital cities have recorded the strongest peak since the June 2017 quarter.
According to CoreLogic’s September Quarter Auction Market Summary, over the three months to September 2019, combined capital cities clearance rates came in at 69.9 per cent. This accounted for 16,730 auctions and is the strongest quarterly clearance rate seen since the June 2017 quarter, which sat at 71.7 per cent.
By comparison, over the September 2018 quarter, 20,653 homes were taken to auction, although the clearance rate was just 53.6 per cent.
“The September quarter has seen a remarkable lift in auction clearance rates, driven by consistently high results across the largest auction markets, Sydney and Melbourne,” said CoreLogic head of research Tim Lawless.
“The lift in clearance rates highlights a better fit between buyer and seller pricing expectations and some urgency creeping back into the market as a larger pool of buyers compete for a smaller than usual number of homes for sale.”
CoreLogic data also showed weekly auction clearance rates continue to improve over the September 2019 quarter, holding at or above 70 per cent over the past seven weeks.
“Although clearance rates are holding high in Sydney and Melbourne, the number of auctions held remains low, reflecting a slower start to the spring selling season,” Mr Lawless said.
“There is a strong likelihood that advertised stock levels and the number of scheduled auctions will progressively rise as spring progresses and vendor confidence lifts on healthier housing market conditions.”