Early property auction data from the weekend suggests Sydney and Melbourne clearance rates may have picked up from the prior week, although volumes remain well down on last year despite an increase in homes up for offer.
Analytics firm CoreLogic said 1,115 homes were available for bids across all capital cities – down from 1,536 a year ago – and its partial tally suggested 71.2 per cent sold but this did not yet include results from about 22 per cent of auctions.
The research company’s preliminary figures for Sydney indicated 78.5 per cent of homes under the hammer sold, although with only 302 of the 391 auctions counted about 23 per cent of the results were yet to be factored in.
There were 469 auctions in Sydney during the same week last year and 714 in that week in 2017.
In the previous week, CoreLogic calculated a final Sydney clearance rate – a number usually released on Thursdays – of 72.8 per cent based on the confirmed results from 254 out of the total 303 listed auctions.
In its early numbers released on Monday, CoreLogic recorded a 74.0 per cent clearance rate in Melbourne based on the confirmed results of 458 auctions, while another 88 were yet to be added.
CoreLogic said 67.5 per cent of Melbourne auctions resulted in a sale in the previous week when 410 homes were on offer.
The total volume of 546 Melbourne auctions in the week to July 28 was down on comparative weeks in previous years – 802 held in the city in 2018 and 956 in 2017.
Average values were mixed across the main capital cities during the week, with prices edging up 0.1 per cent in Sydney and Melbourne, adding 0.2 per cent in Brisbane, unchanged in Adelaide and falling 0.2 per cent in Perth.