Preliminary auction figures show how units once again outperformed houses in terms of clearance rates.
Citing the latest industry figures, Williams Media said 63.9% of units were sold, higher than the 57.1% clearance rate for houses.
However, despite the overall clearance rate inching higher week after week, the overall figure is still below mid-50% range where it has been lingering for some time now. Overall auction statistics across all state capitals sat at 59.1%, well below last year’s 66.9%.
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Of all cities, only Brisbane and Adelaide reported higher auction rates than last year.
In a week-on-week basis, clearance rates are starting to improve as the spring season continues to warm up. For instance, the 654 auctions in Sydney resulted in a success rate of 57.8%.
Real Estate Institute of New South Wales president Leanne Pilkington told Williams Media that “agents, in general, are still reporting expectations of increasing auction numbers as the Spring weather warms up, particularly as homeowners that are planning to upsize realise that the falling market actually plays in their favour.”
The same trend was at play in Victoria, where clearance rate climbed up to 62.4% across 894 auctions.
Real Estate Institute of Victoria CEO Gil King noted that this has been the city’s strongest clearance rate in over three months.
“Glen Waverley led the market with nine auction sales, followed by Richmond with eight sales. The top auction sale last week was 18 Selborne Rd in Toorak, which sold for $6.01m,” he told Williams Media.