New research from CoreLogic has found that auction volumes remain lower year-on-year, with the number of homes taken to auction over the first week of July less than that of the same time last year.
CoreLogic research shows that 945 capital city auctions held “returned a preliminary auction clearance rate of 68.9 per cent; the 4th consecutive week above 60 per cent”.
“Over the week prior, a higher 1,295 capital city homes were auctioned returning a 62.9 per cent final auction clearance rate,” Jade Harling cited in a report for CoreLogic.
“Auction volumes remain lower year-on-year, with 1,411 auctions held over the same week last year when a lower 52.6 per cent cleared.”
Capital city auction statistics
Combined Capital Cities
Some regions in Sydney and Melbourne shot high above the combined capital city average of 68.9 per cent, according to CoreLogic research.
Sydney regions with highest auction clearance rates
City and Inner South
Melbourne regions with highest auction clearance rates
Real Estate Institute of Victoria (REIV) CEO, Gil King, said “there were 290 auctions reported to the REIV, with 209 selling and 81 being passed in, 33 of those on a vendor bid.”
“Nearly half of last week’s auction sales occurred in Middle Melbourne which reported a 79 per cent clearance rate, led by Bentleigh East with seven auction sales,” said Mr King.
RateCity’s auction preparation tips:
- Compare home loan lenders – use home loan comparison tools such as tables and calculators to find a home loan that suits your needs and budget.
- Get pre-approval organised – organise your finances ahead of the auction. Aim to have pre-approval at least two to four weeks beforehand.
- Attend practice auctions – check out a few auctions before you go to your dream home’s auction so you understand how they work and can prepare your bidding strategy.
- Start low – Try not to get carried away while bidding and offer your limit early. Start low so you have somewhere to go.
- Keep your poker face –Much like a game of poker, it’s crucial that you keep your confidence, remain unemotional, and don’t hesitate when you speak so you don’t show weakness to the other bidders.