Preliminary figures are looking good for Sydney’s auction market, with CoreLogic predicting greater auction clearance rates week-on-week.
According to the researcher’s preliminary figures for the week ending 27 September, out of the 815 Sydney homes taken to auction this week, a preliminary auction clearance rate of 74.8 per cent has been returned so far.
This marks an improvement on last week’s preliminary figure of 72.4 per cent, which later revised down to 67.5 per cent at final collection.
Overall, CoreLogic noted that there were 1,107 capital city homes taken that went under the hammer for the week. Of the 841 results collected so far, 70.5 per cent have been successful results.
“This week’s preliminary figure [for the combined capital cities] is down on the 72.4 per cent preliminary figure last week, which later revised down to 67.6 per cent by final collection,” CoreLogic said.
“Last week’s clearance rate was the highest final clearance rate since early March. This time last year, a higher 1,278 capital city homes were auctioned with a final clearance rate of 71 per cent.”
Melbourne activity remains subdued; however, CoreLogic data shows there was a slight rise in the number of homes that went to auction.
“There were 60 auctions scheduled across the city, returning a preliminary auction clearance rate of only 28.6 per cent,” CoreLogic explained.
“Of the 49 results collected so far, 31 were withdrawn from the market, or 63 per cent.
“Of the 14 properties that did sell, 93 per cent sold prior to auction.
“While volumes did increase over the week, the high withdrawal rate and high proportion of properties selling prior to the auction suggest vendors remain reluctant to test the market through the lockdown period.”