Combined capital cities across the country recorded 1,480 homes taken to auction during the week — down from 1,505 homes that went under the hammer in the previous week.
Data showed that preliminary clearance rate hit 63.7%, but CoreLogic anticipated that final clearance rate would be slightly down week-on-week. The property data provider logged a final clearance rate of 61.8%, making it the highest final clearance rate since May 2018.
Over the same week last year, the auction market posted an increase in number of activity with 1,849 homes taken to auction returning a clearance rate of 55.5%.
Melbourne, the top performer of the week, registered 644 auctions returning a preliminary clearance rate of 69.7%. In comparison, the capital recorded 724 auctions and a final clearance rate of 64.9% in the previous week. Over the same week in 2018, Melbourne posted a clearance rate of 59.9% across 941 auctions.
“Melbourne’s final clearance rate has been increasing each week over the month of June and this week is likely to hold above 65% for the first time in over a year,” CoreLogic said.
Sydney, meanwhile, recorded a preliminary clearance rate of 67.1% across 551 auctions. Over the previous week, the city reported that 66.4% of the 534 auctions were successful— the highest final clearance rate the city had logged since Easter last year. In 2018, Sydney reached a total of 641 auctions returning a final clearance rate of 50.1%.
“This week’s final figure will be lower week-on-week, although it will likely hold above or close to 60%,” CoreLogic said.
Across the smaller auction markets, Perth logged lower volumes week-on-week while all other cities recorded an increase in auction volumes.