The Australian auction market has returned from a seasonal downturn and has seen strong gains in volume and success rates, according to the latest CoreLogic figures.
The auction volume almost doubled compared to the previous week to reach 1,122, which gave a liquidation rate of 69.4%.
In terms of property type, 779 houses and 343 units were sold at auction in capitals.
"As the remaining results are collected, the final customs clearance rate should be revised down, however, it should reach a final customs clearance rate above 61% last week," said Jade. Harling, research analyst at CoreLogic.
The results of recent auctions were significantly stronger than during the same period last year, when only 928 homes were sold at auction and just over half sold.
Read also: Where is the Sydney unit market going?
Sydney was the busiest and most successful auction market of the week, with 428 auctions and a liquidation rate of 79.9%.
The second highest clearance rate was recorded in Canberra with 77.8%. However, only 70 homes were sold at auction in the city.
Melbourne recorded the second highest auction volume at 401, which reported a success rate of 74%.
The weakest auction market was Brisbane – of the 114 homes sold at auction, only 36.4% were sold.
The table below shows the performance of each auction market in the capital:
Capital auction markets
Capital and type of housing
Auction volume
Liquidation rate (%)
Sydney
428
79.9
280
81.3
148
77.2
Melbourne
401
74
250
76.3
151
70
Adelaide
76
43.1
70
44.1
6
n.a.
Brisbane
114
36.4
93
40.7
21
16.7
Canberra
70
77.8
59
81.1
11
n.a.
Perth
30
37.5%
25
n.a.
5
n.a.
Tasmania
3
n.a.
2
n.a.
1
n.a.
Combined capitals
1 122
69.4
779
69.6
343
69.2
Top suburbs:
tuart hill
,
Harris Park
,
Canterbury
,
wiley park
,
Flemington
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