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The week concluding 31 May has shown auction clearance rates continue to strengthen as restrictions ease across many states and territories.
According to the latest CoreLogic research, the week saw 867 capital city homes scheduled for auction, with preliminary results returning a 65.9 per cent clearance rate.
This represents a steady incline from the previous week, where 612 homes were scheduled for auction across the capital cities, with a final clearance rate of 62.7 per cent.
While auction clearance rates continue to strengthen, activity remains substantially below the average year-on-year, according to CoreLogic.
“One year ago, there were 1,661 homes taken to auction and a 58.0 per cent clearance rate,” CoreLogic said.
“Although the number of auctions held remains low, since restrictive policies around open homes and onsite auctions were lifted, the trend has been towards more auctions held and a substantial reduction in the proportion of auctions withdrawn prior to the event.”
The number of auctions held this week was the highest since the week ending 19 April, CoreLogic noted.
“In Melbourne, 259 homes were scheduled to go under the hammer this week. So far, 192 auctions have been reported, returning a preliminary success rate of 71.9 per cent. The previous week saw a final clearance rate of 68.0 per cent across 168 auctions,” it said.
“In Sydney, 469 homes were scheduled for auction this week, returning a preliminary clearance rate of 68.1 per cent across 320 results. In comparison, last week saw 309 homes taken to auction with a success rate of 65.0 per cent.
“As mentioned over the previous few weeks, with restrictions easing across many states and territories, we will likely see the number of homes taken to auction continue to increase.”
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.
Capital refers to the financial resources that are available to be used for income generation.
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.
The term state can be defined as a nation or territory under one government, or it describes the particular condition of an item or property at a specific time.