Australian Property Market: Auction Action Booms Across Capitals
- May 25, 2023
- 1 min read
In a further sign that the property slump is behind us, auction clearance rates increased by 13% this week, with some 75.3% of capital city property listings selling under the hammer, according to new data from CoreLogic. There were 1,912 auctions across the combined capitals last week, compared with 1,692 homes auctioned the previous week. It marked the third week that the combined capitals notched up a clearance rate above 70%, and is the highest preliminary clearance rate since February 2022. Last week’s preliminary clearance rate was 74.4%. To put that into context: 61.3% of auctions held were successful this time last year. As research anaylst at CoreLogic, Duane Kaak, noted: “There were 762 auctions held across Sydney this week, 17.2% higher than the 650 held last week, and 43.2% above the 532 auctioned this week last year. ”In Australia’s second-largest city, Melbourne, there were 834 auctions this week, which is 12.1% more than last week.
Comments