The number of homes put on the auction block over the weekend crept up compared to the previous week but remained low when viewed alongside the numbers from a year ago.
CoreLogic’s preliminary count released on Monday said 1,472 properties were taken to auction across Australian capital cities last week – 446 more than the previous week – in a drop from the 2,311 recorded 12 months ago.
The early results put the auction clearance rate across the country at 58.8 per cent, up from the previous week’s tally of 50.4 per cent, but CoreLogic warned that the final clearance rate – which is expected to be released on Thursday – would likely end up in “the low 50 per cent range”.
The preliminary numbers indicated 60.8 per cent of homes taken to auction in Melbourne over the last week sold based on the confirmed results of 521 auctions monitored by CoreLogic, while results for another 157 auctions were not recorded.
The total 678 Melbourne auctions figure was a sharp decline from the 1,144 held during the same week in 2018.
In Sydney, 66.6 per cent of properties taken to auction last week sold based on 326 monitored auctions while results for another 209 auctions were not recorded.
Only 28.3 per cent of homes taken to auction in Brisbane last week sold based on the confirmed results of 46 auctions monitored by the research firm, while results for another 44 auctions were not included.
There were fewer auctions in the week to May 5 in every capital city compared to a year ago, CoreLogic said.
Home values dipped 0.3 per cent in Sydney and 0.2 per cent in both Melbourne and Brisbane during the week, according to the company’s weekly summary.