Auction volumes across combined capital cities dropped significantly in the week ending June 10, because of the Queen’s birthday long weekend in most states and territories, according to preliminary data from CoreLogic’s Property Market Indicator Summary.
There were 900 homes taken to auction that week, down from 2,281 the previous week and 1,279 this time last year. However, the preliminary clearance rate was slightly higher (55.3%) from a week before (54.1%) – the lowest level recorded across the combined capitals since 2012.
Sydney overtook Melbourne as the busiest city for auctions week, with 414 homes going under the hammer, returning a preliminary clearance rate of 57.6%, compared to last week when just 47.1% of the 837 auctions were successful. In Melbourne, 276 homes were taken to auction, with a clearance rate of 56.1%. This is the lowest figure the city has seen since 2012.
The highest sale last week went to a five-bed, three-bath, and two-car house in Mount Eliza, Victoria which sold for $5.25m. The second-highest sale was in NSW, with a five-bed, four-bath, and three-car house in Seaforth going for $4.7m.
Perth held the highest median “time on market” (TOM) length among houses at 80 days, followed by Darwin (72 days), and Brisbane (62 days). The figure refers to the middle number of days from when a property is first listed for sale and the contract date.