The week ending 1 March 2020 saw Australian capital city auction volumes reaching their highest levels since late November 2019, it’s been revealed.
CoreLogic’s latest auction market preview said the strength of the auction market was tested over the week, and proven.
With over 3,000 homes taken to auction, a success rate of 73.9 per cent was achieved.
“The last time the final weighted average clearance rate maintained [such] strength across such a high volume of auctions was back in early 2017,” it revealed.
Breaking down the results by capital cities, Melbourne recorded its busiest week since March 2018, with 1,612 auctions reported. It returned a final clearance rate of 74.8 per cent.
Sydney was crowned the title of “best-performing capital city auction market” last week, returning a 76.6 per cent final auction clearance rate from 1,087 auctions.
It was a stronger clearance rate than the week prior, where 963 auctions returned a clearance rate of 74.5 per cent.
It was a mixed bag of results across the smaller cities, with the Australian Capital Territory unsurprisingly offering the highest clearance rate.
Canberra saw a clearance rate of 69.5 per cent, followed by Brisbane at 60.5 per cent and Adelaide at 56.4 per cent.
Just 29.4 per cent of auctions infor the week ending 1 March 2020 found buyers.