Auction clearance rate jumped to 77 per cent in Melbourne, while Sydney cleared 70 per cent as scant listings sparked growing competition among buyers.
More than three out of four Melbourne homes were sold under the hammer over the weekend – a 6 percentage point increase from the previous week and the highest level since October 2021, as persistently low listings sparked growing competition among buyers, preliminary data from CoreLogic shows.
Across the combined capital cities, the preliminary clearance rate fell 0.60 percentage point to 69.2 per cent. Among those properties that achieved strong results were a four-bedroom, two-bathroom house at 4 Marie Court, Mount Waverley, in Melbourne’s east, which was sold for $2.19 million under the hammer – $390,000 above reserve.
Auction volume rebounded by 20.1 per cent over the week to 1730 across the combined capital cities, but still 36 per cent lower compared to a year ago.Melbourne was the busiest auction market, with 729 homes auctioned across the city, up 15.9 per cent compared to the 629 held the previous week. Despite the spike, auction volumes are still 43 per cent below the levels seen during the same period last year.
Mr Lawless said the coming spring could see a return to strong activity, if interest rates stayed on pause. “Arguably it’s a pretty good time to be selling now as we see vendors getting some leverage back due to low stock levels and rising prices.”
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