Seller confidence high as capitals go gangbusters

Seller confidence was on display in the penultimate auction week of the year, with a significant annual jump in homes sold.

Auctioneer Thomas McGlynn selling to a large crowd in Beaconsfield. Picture: Brendad Read

Seller confidence was on display in the penultimate week of auctions for the year, with a significant annual jump in the number of homes sold.

All tracked states and terri­tories reported more homes at auction last week compared with the same period last year, according to CoreLogic’s preliminary auction clearance data.

Sydney had a preliminary clear­ance rate of 78.1 per cent from 936 auctions. Melbourne was invigorated ahead of the Christmas break, clearing 75.3 per cent of 1491 auctions last week.

“December has shown no signs of slowing down,” said Andrew Wilson, My Housing Market chief economist. “There’s plenty of momentum and substance … Sydney and Melbourne are going gangbusters.”

CoreLogic data for November showed prices rose 6.4 per cent in Melbourne and 6.2 per cent in Sydney over the quarter.

The national clearance rate sat at a preliminary 74.5 per cent from 2837 auctions last week. At least half of all stock was sold in the smaller markets of Brisbane (64.8 per cent), Adelaide (61.8 per cent), Canberra (74.5 per cent) and Perth (50 per cent).

The past four weeks saw the number of auctions continue to grow while clearance rates held, signifying strong market conditions and demand.

More homes were put under the hammer last weekend compared with the same period in 2018 and 2017.

SQM research managing ­director Louis Christopher said confidence in the market combined with the fear of missing out was making for an unusual end of year.