Auction market continues to strengthen
Clearance is over 10% up on last year
Sydney clearance best in over 2 years
Last week, 953 auctions were held across the combined capital cities, returning a final clearance rate of 64 per cent, surpassing the previous week’s 62.9 per cent, making it the highest weighted average result seen since April last year.
The improved clearance rate last week was across a lower volume of auctions week-on-week, however the auction market appears to be strengthening with final clearance rates holding above 60 per cent for four consecutive weeks now.
This week and weekend
The combined capital cities are expected to see a lower number of auctions held this week with CoreLogic currently tracking 789 auctions, down from 953 last week.
Auction volumes are expected to be down around 17 per cent across both Melbourne and Sydney this week, with 322 auctions being tracked so far in Melbourne and 297 in Sydney.
Brisbane is set to see an increase in auction volumes this week, while volumes are down across the remaining cities.
Watch for Kevin Brogan’s thoughts about the weekend ahead and the numbers around the country and then join him on Monday as he gives the most comprehensive national roundup of the full week’s activity and a look inside the top sales in 6 capital cities.
Read more: realestatetalk.com.au