Houses outsold units at capital city auctions last week, with overall volumes and clearance rates lifting as expected after the Easter lull.
Corelogic’s weekly Property Market Indicator showed total auctions more than doubled to 1,019 across Australia’s capital cities compared to a holiday-hit 394 the week before.
The nationally weighted preliminary clearance rate also ticked higher, to 54.6 per cent, well up on the final figure of 43.9 per cent the week before – which was the second lowest clearance rate for the year so far.
But auction volumes and the nationally weighed clearance rate remain down on the same time last year.
Houses outsold units for the week, according to Monday’s preliminary data.
“Looking at results by property type, 56.8 per cent of houses sold at auction this week, which was higher than units, which returned a 49.6 per cent clearance rate,” CoreLogic said in a release.
Across the two largest markets, there were 497 Melbourne homes taken to auction, increasing on the 50 homes auctioned last week.
However, the higher volumes saw the city’s preliminary clearance rate drop to 55.7 per cent, after last week’s 63.2 per cent final clearance rate.
Meanwhile in Sydney, 329 auctions were held returning a 57.1 per cent preliminary clearance rate, improving on the 46.3 per cent final auction clearance rate last week when a lower 221 auctions were held.
CoreLogic said all remaining auction markets – except Canberra saw an increase in auction activity this week, though the performances were mixed.
Adelaide cleared 54.8 per cent of its auctions while Perth only cleared 20 per cent.
CoreLogic is due to release house price data for the month of April on Thursday, which analysts predict will reveal a 0.5 per cent drop through the month.
The Reserve Bank this month said, while domestic economic conditions remain broadly supportive of financial stability, risks to the household sector had increased over the past six months given weak house prices.