Ready Steady… Sold!

A steady auction weekend has again come and gone with 2431 capital city properties reportedly auctioned off with a combined clearance rate of 71.2%.

963 residential Sydney properties taken to auction

Over the week and the preliminary auction clearance rate was recorded at 77.9%, compared to a 79.8% clearance rate across 868 auctions over the previous week.

When we look at the Sydney auction market at the same time last year, auction volumes were lower (912) and a lower proportion of homes were selling successfully under auction conditions (68.6%). These results highlight just how strong current conditions are across the city. In line with the strong auction performance, Sydney home values over the past year have increased by 14.9%, reinstating the strong performance of the Sydney housing market.

Meanwhile

Unlike the previous week, the performance across Melbourne and Sydney was more aligned last week, with both cities recording a strong clearance rate. At the same time last year, auction volumes were at elevated levels as it was the week prior to the Easter long weekend.

Traditionally, the number of auctions that take place over this week each year increases by around 25% when compared to the week prior, last year however, volumes increased by over 40% leading up to the Easter weekend. Despite the high volume of auctions held the week before Easter last year (2,649), the auction clearance rate was recorded at 64.1%, which is much lower than we are currently seeing.

Across Melbourne

A preliminary clearance rate of 71.7% was recorded last week from 895 auction results compared to 67.0% recorded both last weekend and this time last year.

At the same time last year, there were slightly more auctions held across Melbourne (1,294) compared to the 1,149 held this week, and a marginally lower clearance rate. Currently, Melbourne home values are 12.2% higher than they were at the same time last year and with one week to go this month, early indications show Melbourne home values are on track to record solid growth through March despite the increasing levels of homes on offer for sale.

Currently, RP Data is tracking 2,845 capital city properties that are scheduled to be taken to auction over the coming week, making this the busiest week for auctions so far this year.

Auction Results

Source: RP Data
Source: Property Observer

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