Seller confidence continues to show signs of improvement, with new research finding that the week concluding 28 June recorded the highest number of auctions held in nine weeks.
CoreLogic’s latest Property Market Indicator Summary has revealed that for the week ending 28 June 2020, there were 1,424 homes scheduled for auction across the combined capital cities. The volumes have returned a preliminary auction clearance rate of 64.5 per cent.
“This was the highest number of auctions held in nine weeks, demonstrating an ongoing improvement in seller confidence as auction clearance rates hold reasonably firm under higher volumes,” CoreLogic said.
“In comparison, the previous week saw 1,251 homes taken to auction returning a preliminary clearance rate of 66.1 per cent, which later revised down to 59.6 per cent at final figures.
“This time last year saw 1,295 homes taken to auction across the capital cities and a clearance rate of 62.9 per cent was recorded.”
Sydney saw the largest volume of auctions, with 614 homes going under the hammer over the week, returning a preliminary clearance rate of 66.9 per cent.
“The previous week saw 522 homes taken to auction across the city, returning a final clearance rate of 61.6 per cent,” CoreLogic said.
“One year ago, 503 auctions were held in Sydney and a 67.9 per cent clearance rate was recorded.”
Meanwhile, CoreLogic revealed that there were 623 Melbourne homes scheduled for auction this week, returning a preliminary auction clearance rate of 62.7 per cent.
“Over the previous week, 558 homes were taken to auction across the city, returning a final clearance rate of 60.1 per cent. This time last year, 535 auctions were held in Melbourne and the clearance rate was a stronger 68.6 per cent.”