Auction volumes continue to climb

By Emma Ryan 22 June 2020 | 1 minute read

The number of homes going under the hammer has increased again over the past week, according to new figures released by CoreLogic.

According to CoreLogic’s weekly report, there were 1,262 homes scheduled for auction for the week concluding 21 June, returning a preliminary auction clearance rate of 66.1 per cent. 

This was up from the 63.3 per cent preliminary clearance rate last week across 1,181 auctions, which later revised down to 59.3 per cent at final figures, the group noted.

“This week, as auction volumes increased across the combined capital cities, so too did the clearance rate.”

Sydney and Melbourne recorded volumes of 564 and 526, respectively, with preliminary clearance rates for both capitals coming in above the mid-60 per cent mark.

“There were 564 Melbourne homes scheduled for auction this week, increasing on the 471 auctions last week. The city returned a preliminary success rate of 65.8 per cent, rising on last week’s preliminary result of 61 per cent, which by final result came in at 56.3 per cent,” CoreLogic said.

“Last year, the city returned both a higher success rate and higher volumes (635 auctions – 68.9 per cent). 

“Sydney’s preliminary figures show that 68.5 per cent of homes sold at auction this week, up on the 67.3 per cent preliminary figure last week, which later came in at 63.7 per cent by final results.

“This week’s improved Sydney clearance rate was across a slightly lower volume of auctions over the week, with 526 scheduled from 545 the previous week. One year ago, 558 Sydney homes were taken to auction, returning a final clearance rate of 60.9 per cent.”

Meanwhile, the group noted that results across the smaller capital city auction markets was mixed. 

“Canberra continued to have the highest clearance rate of the capital city markets, which is a trend seen over the previous four weeks,” it said.

“The preliminary clearance rate across Canberra for the week ending 21 June was above 70 per cent. While only 20 per cent of PerthPerth, TAS Perth, WA auctions recorded a successful result.”

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.

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 volumes continue to climb
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