Property auction results hit 84% leading up to Easter

Residential auction markets enjoyed their busiest week in three years, with 3,791 capital city homes going under the hammer in the pre-Easter period, according to property research firm CoreLogic. 

So far, 84 per cent have recorded a successful result. This time last year, the average weighted clearance rate was just 37 per cent on lower volumes, after more than half of all auctions were withdrawn following the onset of the COVID-19 pandemic.

The recent surge in activity reflects a renewed confidence in the market, as many vendors who had sidelined their plans to sell in 2020 are finally deciding to take the plunge. 

Successful sales were highest in Sydney, where 1,392 auctions returned a preliminary clearance rate of 89 per cent. This is up from the previous week, when 1,025 homes were taken to auction with a final clearance rate of 85 per cent.

Meanwhile, a total of 1,899 homes were auctioned in Melbourne, with 84 per cent reported successful so far. The prior week saw 1,322 auctions held across the city, with the final clearance rate coming in at 79 per cent.

RELATED: Auctions move fast but buying a first home takes patience

According to property industry platform Archistar, the best performing regions in Sydney were the Central Coast, Inner West, Northern Beaches and Upper North Shore, while the South East, Inner South and Outer East topped the list in Melbourne.

Archistar chief economist, Andrew Wilson also said that among houses sold at auction over the weekend, the median price was $1,573,000 in Sydney and $1,015,000 in Melbourne.

The rush to the property market is expected to support further price growth across Australia, with ANZ forecasting an increase of 19 per cent in this year alone.

But the major bank expects momentum to slow towards the second half of the year, as intervention by regulatory bodies to cool down an overheated property market becomes more likely.

For more information about property trends, visit our home loan statistics page, where you’ll find a historical overview of the home loan market in Australia. And if you’re looking to buy or refinance, browse our home loans comparison page for a look at what’s available.