CoreLogic’s latest auction data shows there were 2,113 auctions held across Australia’s capital cities this week, a rise from last week, (1,795) yet lower than the 2,654 auctions held at the same time last year. This aligns with APM’s data we discussed on Saturday.
It is expected that auction activity will begin to pick up as we head into the spring selling season. The preliminary auction clearance rate was 76.6 per cent this week, higher than last week’s result of 75.2 per cent and representing another year to date high for the combined capitals. One year ago, the final auction clearance rate was recorded at 73.4 per cent, lower than what is currently being observed. Over winter 2016, clearance rates has ranged from a low of 65.7 per cent to a high of 76.6 per cent, compared to last winter where the weekly clearance rate remained above 70 per cent each week for the entire winter season, peaking at 78.5 per cent at the start of June.
