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Property auctions proving promising
Year-on-year, auction clearance rates appear to be improving, new data has shown.
Property auctions proving promising
Year-on-year, auction clearance rates appear to be improving, new data has shown.
CoreLogic’s preliminary auction clearance rates across all major cities for the week ending 28 July was at 71.2 per cent after the previous week recorded a 65.4 per cent final clearance rate.
The results showed that Sydney and Melbourne have remained the big winners Australia-wide.
Sydney had a preliminary auction clearance rate of 78.2 per cent with 237 homes selling out of the 302 properties listed. This marked an improvement of over 20 per cent compared with the same week in 2018, which had returned a result of 52.4 per cent.
In Melbourne, 74 per cent of homes sold, which in numerical terms saw 339 out of 458 homes find auction buyers. This was a 15 per cent improvement on the same week in 2018, where a clearance rate was recorded of 58.5 per cent.
In Perth, just one home cleared out of the seven properties sent to auction.
For Brisbane, an auction clearance rate of 41.7 per cent showed stability, while Adelaide and Canberra saw clearance rates of 56.7 and 55.6 per cent respectively.
The capital city results continues an improvement in clearance rates over the last four weeks.
In signs of life, year-on-year rates show that 50-55 per cent of homes that were taken to action were selling.
The improved clearance rate is somewhat attributable to a lack of options for buyers, with the same time period in 2018 seeing 1,536 homes up for auction, compared to 421 less properties going under the hammer this past week.
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