Auction Numbers on the Rise

Market Insights
5 years ago
1 minutes

According to data from CoreLogic, auction activity is on the rise following the expected seasonal slowdown over the holidays.

There were 929 homes up for auction across Australia’s capital cities this week, an increase from the 536 up for auction the week before.

Says Jade Harling, Research Analyst at CoreLogic, “Although clearance rates and activity remain low, the early flow of auction data for 2019 is showing a subtle bounce back in the clearance rate relative to the lows recorded through December last year which is a seasonal trend similar to what has been seen over previous years.”

This activity in the established homes auction landscape is an indication that the market still has some energy despite the general downturn currently in play. And it’s a sign that buyers’ appetites are not completely missing.

Sydney saw 321 homes put to auction last week, with a clearance rate of 59.2 per cent. Melbourne had 352 auctions and a clearance rate of 53.7 per cent.

Whilst these figures are still lower than they were a year ago (when Melbourne’s clearance rate stood at 70.7 per cent), this auction activity is positive news for a market which has seen tightened lending guidelines and a drop in confidence over the past year.

source: CoreLogic