Housing auctions ramp up across country

Michael Doyle
(Australian Associated Press)


Housing auctions have near doubled in a week across Australia as buyers and sellers re-enter the market after January.

A total of 1122 houses and units went under the hammer over the last seven days in capital cities, up from 625 the week prior.

All capitals except for Adelaide held more auctions than the previous week.

About three quarters of all auctions took place in Sydney and Melbourne.

Sydney recorded the most successful day with the most number of auctions and the highest clearance rate of all capital cities.

There were 428 auctions in the NSW capital over the last week, with a clearance rate of 79.9 per cent.

Melbourne enjoyed a successful week with 401 auctions with a clearance rate of 74 per cent.

However the only other capital city to recorded a clearance rate of more than 50 per cent was Canberra, which had a rate of 77.8 per cent on the 70 auctions over the last week.

The median house price across the capitals came to $922,500 and $781,000 for units, according to data collected by Core Logic.

Market commentator Kevin Brogan said the strength of the Australian housing market will become more clear as buyers and sellers settle into 2020.

“Over the coming weeks we are expecting the number of auctions to rise further, providing a timely test of the market’s depth,” he said.


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