Auction clearance rates are starting the year strongly.

Auction activity is ramping up quickly after the seasonal slowdown, with 1,073 homes taken to auction this week (693 last weekend); a higher number of auctions when compared to the same week last year (990).

All our capital cities delivered strong auction clearance rates with Sydney being the stand out performer with a preliminary auction clearance rate of 89%.

When auction clearance rates regularly remain near 80% it means there are more buyers than sellers in the market and this eventually leads to higher property prices, and that’s clearly what’s happening around Australia.

Today’s combined capital city preliminary auction clearance rate was recorded at 81.7% across 769 auction results reported so far, a little higher than last week’s preliminary result (76%) which was later revised down to 69.7%.

This time last year saw a final national clearance rate of 69.5% when 990 properties were taken to auction.

Sydney:

The Harbour City was host to 408 auctions this weekend, significantly more than last week (251.)

This time last year a similar number (402) of Sydney properties were put to auction.

Of the 293 Sydney auction results collected so far, 260 have returned a successful result, a sign of the firm Sydney auction market.

The preliminary auction clearance rate of 88.7% will be revised lower to around the low 80%’s as the remaining auction results are collected.

Last week, a final clearance rate of 78.3% was recorded for Sydney, while one year ago, a success rate of 76.9% was achieved across Sydney.

Realestate.com.au reported that there were also 1,563 private sales in New South Wales over the last week. Again a sign of the strength of the Sydney property  market.

Melbourne:

In Melbourne, 523 properties were scheduled for auction this week, significantly more than last week (309.)

This time last year only 403 Melbourne properties were put to auction.

Of the 393 Melbourne auctions reported so far, 308 were successfully sold.

The preliminary auction clearance rate of 81.7% will be revised lower to around the mid 70%’s as the remaining auction results are collected.

Last week, a final clearance rate of 78.7% was recorded for Melbourne, while one year ago, a rate of 67.1% was achieved across Melbourne.

Realestate.com.au reported that there were also 1,187 private sales in Victoria this week, a significant number for this time of the year

Here are the preliminary auction clearance rates as reported by Domain 

As always these will be lower by mid week when the auction results that are not yet reported are taken into account.

Clearly all the auction markets around Australia were very strong this weekend.

The following chart from Corlegic shows the long term auction clearance rate trend.

Now is the time to take advantage of the opportunities that will present themselves as the market moves on

There is no doubt that our property markets are going to remain strong as the year unfolds but, as always, some properties will outperform others.

If you’re looking to buy your first your next home or an investment property you  can trust the team at Metropole to provide you with direction, guidance and results.

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NOW READ: This week’s Australian Property Market Update

 

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Read more: propertyupdate.com.au