Auction activity is ramping up earlier than usual, with 448 homes taken to auction across the combined capital cities this week, compared to 244 this time last year, according to the latest figures from CoreLogic.
Some 310 results have been collected so far, returning a preliminary auction clearance rate of 68.6%, although the final clearance rate will likely be lower once the remaining results are collected.
Melbourne was the busiest auction market in terms of volumes, with 144 homes taken to auction this week, up from 127 this time last year. Of the 100 results collected so far, 64% reported a successful result, roughly on par with the average final clearance rate of 63% through December.
In Sydney, 79 homes were taken to auction this week, up from 37 this time last year. Of the 60 results collected so far, 58.3% were successful, a slight drop from the December average of 60.4%.
Clearance rates were generally higher across the smaller capitals, continuing the stronger trend observed through late last year, CoreLogic reported.
Adelaide recorded the highest preliminary auction clearance rate at 78%, followed by Canberra (76.2%) and Brisbane (76.1%). Perth saw 50% of homes sold, although volumes remain low across the city. Of the two auctions held in Tasmania this week, one reported a successful result.
The number of homes taken to auction will continue to rise over the coming weeks, with over 1,150 auctions expected to be held next week, compared to 884 over the same week last year, CoreLogic said.
