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Auctions continue to soar across combined capitals

Auctions continue to soar across combined capitals

by Emma Ryan | November 19, 2019 | 1 minute read

The combined capital cities saw 2,571 homes go under the hammer, marking it as the second-busiest auction week all year.

Auction
November 19, 2019

CoreLogic’s latest Market Activity Update showed that for the week ending Sunday, 17 November, 2,571 homes were taken to auction, up from 2,412 over the previous week.

“Preliminary results show a clearance rate of 74.1 per cent, compared [with] last week’s final clearance rate of 70.6 per cent,” CoreLogic said.

“One year ago, 2,745 auctions were held across the combined capitals, with only 42.0 per cent returning a successful result.”

Melbourne by itself also recorded its second-busiest auction week this year, seeing 1,745 auctions, returning a preliminary clearance rate of 77 per cent.

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“Over the previous week, 1,032 homes were taken to auction, returning a final clearance rate of 71.7 per cent. This time last year, a clearance rate of 41.3 per cent was recorded across 1,401 auctions,” CoreLogic noted.

Meanwhile, there were 932 homes taken to auction across Sydney this week, with preliminary results showing a clearance rate of 77.2 per cent.

“The previous week saw a final clearance rate of 76.8 per cent across a similar number of auctions (948). One year ago, 875 auctions were held across Sydney, returning a final clearance rate of 42.8 per cent,” CoreLogic said.

“Across the smaller auction markets, Adelaide saw an increase in auction volumes week-on-week, while Brisbane, Canberra and PerthPerth, TAS Perth, WA saw fewer homes taken to auction over the week.

“Tasmania saw no change in auction numbers week-on-week, with a total of five properties taken to auction.”

About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of editorial at Momentum Media and editor of Smart Property Investment.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]com.au

Auctions continue to soar across combined capitals
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