Clearance rates hold firm

Auction volumes across Australian capital cities hit nine-week high

29 June 2020 | Toby Thomas, CoreLogic Data

Despite fears of a second wave of COVID-19 cases in Victoria being front of mind over the past week, the property market across Australian capital cities appears to be holding firm.

Property Market Continues recovery

Analysis by CoreLogic Data indicates that 64.5% of homes were sold at auction in the past week as the overall volumes of homes rose to 1,424.

In comparison, the week prior saw 1,251 homes auctioned with a revised clearance rate of 59.6%.

The analysis maintains that these figures support “an ongoing improvement in seller confident as the auction clearance rate holds reasonably firm under higher volumes.”

Sydney saw 614 homes auctioned this week, with a preliminary clearance rate of 66.9%. This result is a minor improvement compared to the 61.6% final rate achieved the previous week.

In Melbourne, 623 homes were scheduled for auction in the past 7 days, returning a preliminary clearance rate of 62.7%. This marked an improvement compared to last week’s final clearance rate of just over 60%.

One year ago, a clearance rate of 67.9 and 68.6 was achieved in Sydney and Melbourne respectively.