Located in Adelaide’s blue-chip east, Norwood saw the most auctions and the highest clearance rate for the June 2017 quarter.
The latest report by CoreLogic reveals that the June quarter saw a total of 33 auctions in Norwood with a clearance rate of 51.7%.
Located a stone’s throw from the city, Norwood is in high demand with professional couples and young urbanites.
According to data from realestate.com.au, the median house price in Norwood has increased over 13% from $700,000 in August 2016 to $800,000 today.
Looking nationwide, the auction rate for combined capital cities dipped 3.1% from 74.8% in the first quarter to 71.7% at the end of the June quarter.
With over 13,000 auctions and clearance rate of 75.8%, Melbourne asserted itself as Australia’s hottest auction market. However, Sydney wasn’t far behind, with over 11,000 auctions and a clearance rate of 73.3%.
Brisbane came in third for volume (1,760 auctions) but had a much lower clearance rate of 48.8%. Meanwhile, Adelaide saw 1,322 auctions (a 1.9% increase on last year) and a clearance rate of 64.6%.
Perth had the weakest auction market out of all state capitals, with just 530 auctions taking place with a clearance rate of 37.1%.
Tasmania’s market, which has been recently doing well thanks to a surge in Hobart house prices, only held 107 auctions across the quarter and a clearance rate of 52.4%.
Finally, Canberra had a strong showing of 932 auctions and a clearance rate of 68.3%,
Corelogic research analyst Cameron Kusher noted that while auction activity remains buoyant, sellers should be aware of an overall easing in the market.
“Auction popularity shows no signs of waning, particularly in the investor heartland of Sydney and Melbourne,” Kusher said. “But while it hasn’t been unusual for properties to vastly exceed the reserve in a booming market, the latest data indicates that it could be time for sellers to adjust their expectations.”