The weekend auction results surged strong

It has been strong week for auction activity across the capital cities, with the number of auctions more than doubling compared with last week in Sydney and Melbourne. 

Despite the surge in the number of auctions held, the combined capitals region recorded a preliminary auction clearance rate of 76.6 per cent, up from last week, when the final clearance rate dipped to 68.7 per cent.

Auction volumes saw a significant increase over the week, with volumes rising week-on-week across all of the capital cities, with the exception of Adelaide which saw a decrease over the week.

There were 1,564 properties taken to auction across the combined capital cities this week, compared to last week’s 881.

At the same time last year, auction volumes were lower, with 1,400 capital city auctions held with a lower rate of clearance (71.8 per cent).

The two largest auctions markets, Sydney and Melbourne, recorded a preliminary clearance rate of 84.8 per cent and 75.4 per cent respectively, suggesting that vendors are still very much in the driver’s seat across these markets.

In Melbourne, Australia’s largest auction market, 75.4 per cent of the 345 reported auctions sold this week. 

There were 542 auctions held across the city this week, up from 261 last week when the final auction clearance rate was 77.7 per cent and lower than the 556 auctions held one year ago, with a higher clearance rate (74.4 per cent).

The Inner region of Melbourne had the highest number of auctions this week (94), with a preliminary clearance rate of 72.6 per cent.

Meanwhile, the strongest clearance rate was recorded across the North East region (89.2 per cent) and Inner East region (82.1 per cent).

In Sydney, 633 auctions were held this week, with the city seeing a significant increase in volume over the week, up from the 259 reported last week.

The preliminary clearance rate of 84.8 per cent is up from 72.3 per cent last week and also higher than this time last year, when a clearance rate of 78.1 per cent was recorded across 513 auctions.

Looking at the sub-regions of Sydney, the Eastern Suburbs region recorded the strongest clearance rate of 96.2 per cent across 36 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (85).

Brisbane was host to 129 auctions this week and so far 70 results have been reported, with 65.7 per cent sold. 

Last week, auction volumes across the city were much lower with 102 auctions held across the city and a 57.1 per cent clearance rate recorded.

The number of homes taken to auction this week fell across the Gold Coast with 47 properties up for sale this week. Of the 17 results reported, 52.9 per cent were successful.

Adelaide recorded a clearance rate of 72.3 per cent across 87 auctions this week, up from 60.8 per cent across 144 auctions last week.

At the same time last year, 91 homes were taken to auction, with 75.0 per cent recording a successful result.

In Perth, 74 auctions took place this week, with 16 results reportedso far. 

Perth’s preliminary clearance rate of 37.5 per cent across these 16 results is lower than last week’s result (45.8 per cent), although higher than the clearance rate from one year ago (31.6 per cent).

Canberra’s preliminary auction clearance rate of 80.0 per cent this week is higher than last week, when the final auction clearance rate was 70.5 per cent and higher than the 71.2 per cent recorded last year.

Of the 13 Tasmanian auction results reported so far this week, 2 sales have been recorded.

from Property UpdateProperty Update http://propertyupdate.com.au/the-weekend-auction-results-surged-strong/