The harbour city has marked its second-biggest auction week of the year, returning a preliminary clearance rate of 81 per cent.
According to the latest CoreLogic Property Market Indicator Summary for the week ending 10 November 2019, there were 2,375 homes taken to auction across the combined capital cities. This was up from 1,555 over the previous week.
“Preliminary results show a clearance rate of 72 per cent, after last week’s final clearance rate dropped to 68 per cent. Once the remaining results are collected, the clearance rate will likely revise below 70 per cent for the second week in a row,” a statement from CoreLogic said.
“One year ago, 2,386 auctions were held across the combined capitals, with only 43.3 per cent returning a successful result.”
Sydney recorded the largest auction numbers, with 931 homes taken hit under the hammer this week, making it the second busiest auction week of the year for the city.
“Preliminary results show a clearance rate of 81 per cent, which will likely revise to around the mid-70s over the week. The previous week saw a final clearance rate of 74.6 per cent across 843 auctions,” CoreLogic said.
“One year ago, 844 auctions were held across Sydney returning a final clearance rate of 42.1 per cent.”
Meanwhile, Melbourne saw 1,016 homes taken to auction this week, returning a preliminary clearance rate of 70.8 per cent.
“Over the previous week, just 255 homes were taken to auction, returning a final clearance rate of 69 per cent, the first time Melbourne has seen the clearance rate fall below 70 per cent since July,” CoreLogic said.
“It is likely the clearance rate will revise below 70 per cent once again as results are finalised. Over the same week last year, a clearance rate of 46.2 per cent was recorded across 1,127 auctions.”