Auction clearance rates go from strength to strength

By Emma Ryan 24 February 2020 | 1 minute read

Continued auction momentum has been recorded again, with the week just gone seeing 2,446 homes across the combined capital cities fall under the hammer.

auction in place spi

According to CoreLogic’s Market Activity Update, for the week concluding Sunday, 23 February 2020, 2,446 homes were taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 77.7 per cent.

“In comparison, 1,596 auctions were held last week, returning a final clearance rate of 73.3 per cent,” the CoreLogic summary noted.

“Over the same week last year, auction volumes were lower, with 2,293 homes going under the hammer across the combined capital cities, returning a final auction clearance rate of just 49.4 per cent.”

Zooming in on Melbourne, the CoreLogic market summary showed a preliminary auction clearance rate of 79.6 per cent, recorded across 1,215 auctions this week.

By comparison, the week prior saw 743 auctions, returning a final clearance rate of 76 per cent. This marked the highest final clearance rate the city has seen since September last year.

“The 2019 clearance rate was just 50.6 per cent across 1,128 auctions,” CoreLogic added.

“There were 938 auctions held in Sydney this week, returning a preliminary clearance rate of 81.5 per cent. In comparison, there were 583 auctions held over the previous week and the final auction clearance rate was 75.4 per cent.

“One year ago, 801 auctions were held and the clearance rate came in at 50.2 per cent.”

RELATED TERMS

Auction

An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.

Capital

Capital refers to the financial resources that are available to be used for income generation.

Rates

Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.

About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of content at Momentum Media.

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]Read more



Auction clearance rates go from strength to strength
Auction clearance rates
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