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Auctions heating up

If you are thinking of selling your home by auction soon, the market is ready for you.

New figures released this week by Corelogic show that the combined capital cities saw 3,033 homes taken to auction this week, the second busiest auction week so far this year. The previous week saw 2,940 homes taken to auction, whereas this time last year, 1,427 auctions were held across the combined capitals.

Of the 2,533 results collected so far this week, the clearance rate is currently sitting at 81.0%. This is down only slightly from the previous week when a preliminary clearance rate of 81.8% was recorded, revising down to 78.3% at final figures.

Over the same week last year, 66.9% of reported auctions were successful across the combined capital cities.

Melbourne was host to 1,474 auctions this week, the third busiest auction week the city has seen so far this year, and down only slightly from the previous week when 1,493 auctions were held. This time last year, 490 auctions were held across Melbourne. Of the 1,255 results reported so far, 80.1% have been successful. In comparison, 63.5% of reported auctions were successful this time last year.

In Sydney, 973 homes were taken to auction this week, up from 916 over the previous week and 700 more than this time last year. There have been 856 results collected so far, returning a preliminary clearance rate of 80.8%.

Across the smaller auction markets, Adelaide recorded the highest preliminary clearance rate at 90.5%, followed by Canberra (87.2%), Brisbane (80.2%) and Perth (42.9%). There were just two auctions held in Tasmania this week, with results yet to be reported.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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