The upswing in preliminary auction clearance rates continues, with 2,837 homes falling under the hammer for combined capital cities last week.
CoreLogic’s latest Property Market Indicator Summary has revealed that for the week ending 8 December, there were 2,837 homes taken to auction across the combined capital cities, returning a preliminary auction clearance rate of 74.5 per cent.
“Last week, in what was the busiest auction week of the year, 3,206 auctions were held and the final clearance rate came in at 73.6 per cent,” CoreLogic said.
“Over the same week last year, auction volumes were lower, with 2,631 homes going under the hammer across the combined capital cities, returning a final auction clearance rate of just 41.0 per cent.”
Breaking down the results, Melbourne recorded a preliminary auction rate of 75.3 per cent across 1,491 auctions for the week ending 8 December.
Last week, there were 1,533 auctions returning a final clearance rate of 74.8 per cent, while one year ago saw the clearance rate sit at 43.8 per cent across 1,283 auctions.
Meanwhile, there were 936 auctions held in Sydney this week, returning a preliminary clearance rate of 78.1 per cent, according to CoreLogic data.
“In comparison, there were 1,221 auctions held over the previous week and the final auction clearance rate was 78.1 per cent. One year ago, 870 auctions were held and the clearance rate came in at 41.3 per cent,” it said.
Looking at the smaller auction markets, CoreLogic reported that Adelaide saw the highest volume of auctions, with 146 homes going under the hammer. This returned a preliminary clearance rate of 61.8 per cent.
“Auction markets have been tested on higher volumes over the past few weeks, with the highest number of auctions held so far this year,” CoreLogic said.
“Despite higher supply levels, clearance rates have held above 70 per cent across the largest markets, demonstrating the market has some depth and sellers remain in a strong position.”