Auction clearance rates continue to rise with the latest national average of 79% well above the strike rate of 51% for the same period last year, according to CoreLogic.
Melbourne cleared 79% of its 717 auctions and of Sydney’s 578 properties auctioned, 80% were sold. Canberra had the highest success rate of 90%, though there were only 48 properties under the hammer.
Of the 104 properties in Brisbane, 62% were cleared at auction, a big improvement on the 29% of a year earlier. Adelaide offloaded 75% of the 82 properties under auction while a good result of 90% was also achieved in Geelong.
Results in regional areas were promising, including the Central Coast (55%), the Mornington Peninsula (63%), the Hunter Region (69%), Wollongong (61%) and Gold Coast (52%).
The clearance rates of the combined capital cities were around 75% in 2016 and 2017 before they began to fall, bottoming at around 40% in December 2018/January 2019. Apart from a dip over the Christmas holiday season, they have been rising over the past year.