Australia’s residential property auction market continues to go from strength to strength, boosted by lower-than-normal listings, record-low interest rates and continued price gains, according to preliminary figures released by CoreLogic today.
A national capital city auction clearance rate of 79.2% was achieved last week, the highest level seen this year, above the 75.8% level of the previous week, and well above the 69.5% level seen during the same corresponding week a year ago.
Auctioneers received results from 1,823 of the 2,246 auctions, with 1,455 selling during the week. CoreLogic will release final numbers for the week on Thursday, with the figure likely to be revised lower if historic patterns are maintained.
In the same week in 2015, 3,016 properties were taken to auction, underlining the sharp drop in volumes seen this year.
Here’s the performance of each capital city market last week, comparing the result to a year ago. It’s clear that the strength in the Sydney and Melbourne markets is now spreading to other markets, with Adelaide and Canberra both recording clearance rates in excess of 80%.
Despite the strength in clearance rates, CoreLogic’s separate capital city home value index held steady last week, with small price gains in Sydney and Brisbane (+0.1%), along with a 1.1% jump in Perth, offset by declines of 0.4% and 1.2% respectively in Melbourne and Adelaide.
In 2016, capital city prices have increased by 8.5%, led by a 13% surge in Australia’s largest and most expensive housing market, Sydney.