Last week’s pause in the official cash rate by the Reserve Bank of Australia (RBA), alongside a dearth of homes on offer, has resulted in the highest preliminary auction clearance rate in five weeks, according to CoreLogic:
Source: CoreLogic
It was the slowest auction weekend since the King’s Birthday long weekend in June, with only 1,418 properties sold across the combined capital cities.
This weekend’s auction volumes were 8.1% lower than the previous weekend’s (1,543) and 12.9% lower than the 1,628 properties auctioned at this time last year.
After recording the lowest preliminary clearance rate in nine weeks last weekend, the combined capital’s preliminary clearance rate rebounded to 74.5% with 1,066 results collected so far.
The preliminary clearance rate this weekend is 4.2% higher than the rate last weekend (70.3%, revised to 64.9% at final figures) and 19.4% higher than the final rate recorded this weekend last year, when just 55.1% of capital city auctions were successful.
Melbourne experienced a minor increase in auction numbers (564) this weekend, with the city hosting 14 more auctions than last weekend (550).
Melbourne’s preliminary clearance rate increased 2.6% over the previous weekend (70.2%, revised to 63.3% at final figures), with 72.8% of the 448 results collected thus far yielding a successful result.
Melbourne’s preliminary clearance rate has now held above 70% for 13 weeks in a row, according to CoreLogic.
Across Sydney, 564 properties were auctioned this weekend, down from 676 the previous weekend and 605 this time last year.
The preliminary clearance rate in Sydney increased by 4.4%, with 75.6% of the 427 results collected thus far yielding a sale.
Last weekend, a preliminary clearance rate of 71.2% was achieved (revised to 67.2% at final figures), while this time last year saw 53.1% of auctions achieve a sale.
With Victorian school holidays ending this week, capital city auction volumes are expected to jump by an unseasonal 12% next week, according to CoreLogic.
