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Auction clearance rates rise for third straight week

By Cameron Micallef · July 02 2019
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Auction

Auction clearance rates rise for third straight week

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By Cameron Micallef · July 02 2019
Reading:
egg
Auction

Preliminary auction clearance rates have remained above 60 per cent for the third consecutive week, according to data released by CoreLogic.

In total, across the nation’s capitals, 1,292 city homes were taken to auction on the final week of June. 

CoreLogic’s preliminary results show that 956 properties were taken to auction. Of these, 642 cleared the auction, resulting in a 66.5 per cent success rate.

Sydney and Melbourne led the charge with clearance rates of 72 and 70.6 per cent, respectively. Adelaide was the only other capital city to have positive data with a 68.9 per cent clearance rate.

However, volumes were down week-on-week with Sydney falling by 55 properties compared to the previous week.

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Melbourne’s volumes were down by just shy of 100 properties, with 536 falling under the hammer compared with last week’s 635. 

Brisbane, Canberra and Perth all struggled with less than half the properties clearing. Out of the 77 properties in Brisbane reviewed by CoreLogic, only 28 cleared, while in Perth, out of the 18 properties, only six were sold. Canberra was marginally better with eight of its 18 properties selling, according to CoreLogic.

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Auction clearance rates rise for third straight week
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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