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Property proving positive after super Saturday
Property purchasers and investors aren’t hiding their optimism about current market conditions, with data showing the week’s auction clearance rates as through the roof.
Property proving positive after super Saturday
Property purchasers and investors aren’t hiding their optimism about current market conditions, with data showing the week’s auction clearance rates as through the roof.
More than 1,220 homes were taken to auction across Australia’s capital cities over the weekend, returning a preliminary clearance rate not seen since May 2017.
The CoreLogic Property Market Indicator summary for the week ending 18 August 2019 does expect the final clearance rate of 76.6 per cent to revise lower, but expects it will be likely to hold above 70 per cent, signalling a return of confidence to Australia’s property market from purchasers.
It’s despite a sustained period of lower auction volume, with CoreLogic noting that over the same week last year, auction activity was higher, with 1,684 homes taken to auction.
For the 2018 week, the clearance rate sat at just 53.3 per cent.
Strong figures were recorded across Sydney, Melbourne, Adelaide and Perth, with just Brisbane noting a clearance rate below 70 per cent, at 47.3 per cent.
Here’s a breakdown of the week’s auction results:
Sydney
Sydney recorded a preliminary clearance rate of 81.7 per cent across 444 auctions this week, after last week recording a final clearance rate of 76.2 per cent from 367 auctions.
According to CoreLogic, it’s likely that the final clearance rate will revise down to similar levels again this week as remaining results are collected.
The city and inner south subregion won for the week, with a 100 per cent clearance rate from 49 auctions.
Six other subregions also saw preliminary clearance rates over 80 per cent and were named as the eastern suburbs, inner south-west, inner west, North Sydney and Hornsby, the northern beaches and Ryde.
Over the same period last year, 572 auctions were held across Sydney’s subregions, which returned a much lower final clearance rate of 51.9 per cent.
Melbourne
Victoria’s capital was king for volume this week, playing host to 588 auctions and resulting in a preliminary clearance rate at 78.3 per cent.
It’s a boost on last week’s numbers for both volume and clearance rates, when 500 homes were taken to auction and reported a final clearance rate of 72.3 per cent.
Melbourne’s outer east was the week’s top auction spot, with 31 auctions returning a 96.2 per cent success rate.
The city’s only subregion not to return a 70-plus per cent clearance rate for the week was the Mornington Peninsula, where auction numbers weren’t large enough to comprise a strong data set.
Over the same week last year, CoreLogic reported a clearance rate of 54.0 per cent across 860 auctions.
Brisbane
More than 100 homes went under the hammer in Queensland’s capital last week, with 103 properties finding owners in just under half of the auction occasions.
The clearance rate of 47.3 per cent is marginally lower than last year’s 52.9 per cent for the same period, which came off a total 104 auctions.
Adelaide
Adelaide returned a clearance rate of 70.4 per cent for the week ending 18 August 2019.
The figure came from 47 total auctions, which is lower than last year’s 69 auctions, despite 2018’s return of a clearance rate of just 62.3 per cent for the week.
Perth
Western Australia’s capital saw just 13 homes up for auction this past week, but they returned a strong clearance rate of 71.4 per cent.
It’s in stark contrast to this week last year, where 15 homes up for auction saw a success rate of just 41.7 per cent.
Tasmania
Not enough homes went under the hammer in Tasmania this week for statistics to be prepared, but the two homes that were up for auction did find buyers on the day.
It’s the same figure as was reported at the same time last year.
Canberra
The nation’s capital returned a clearance rate on par with what Sydney saw, with 24 auctions returning an 81.8 per cent clearance rate.
It’s a different picture for the city compared with last year’s results, where the same week saw just half of the homes available find buyers at auction.
The same week in 2018 saw 62 auctions formulate a clearance rate of 50.9 per cent.
Regional
The largest regional centres all posted strong auction results for the week.
Wollongong was the top scorer, with 80 per cent of auctions finding buyers at the time, from 18 total auctions.
The Hunter region was next, where 29 auctions saw a 71.4 per cent success rate.
Geelong’s clearance rate was 68.8 per cent from 18 auctions, while the Sunshine Coast saw 32 homes up for grabs and a 57.1 per cent clearance rate.
The Gold Coast rounded out the regional results, with 28 homes going under the hammer and just under half finding buyers (46.2 per cent).
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