Australia’s combined capital city auction market saw a solid rebound last week, with the preliminary clearance rate lifting to 70.1%, according to Cotality.
This marks a recovery from the previous week’s long weekend-disrupted result, which saw the preliminary rate fall to 63.8%, later revised down to 60.7%.
Auction activity also picked up considerably, with 2,216 homes taken to auction across the capital cities—up 61% from the 1,373 recorded the week prior.
Melbourne led the nation for auction volumes, with 1,030 homes going under the hammer.
Preliminary results show a clearance rate of 72.2%, slightly higher than the previous week’s 71.5%, which was later revised to 65.9%.
This marks the seventh consecutive week Melbourne’s early clearance rate has remained above 70%.
Sydney held 836 auctions, with its preliminary clearance rate rising to 70.5%.
This is the first time in three weeks, (and only the second time in the past thirteen weeks), that the city has recorded an early clearance rate above 70%.
Among the smaller capitals, Adelaide recorded 133 auctions and posted a preliminary clearance rate of 67.1%; its highest in three weeks.
Brisbane held 127 auctions with a clearance rate of 61.4%, while the ACT recorded 79 auctions and a clearance rate of 60.7%, also its best result in three weeks.
Perth hosted 11 auctions, with five of the ten results collected so far reporting a sale.
No auctions were held in Tasmania.
Auction activity is expected to moderate this week, with approximately 1,850 auctions scheduled across the combined capital cities.
Volumes are set to rise again the following week, with around 1,960 auctions currently on the books.
