Auctions on the rise

THE number of home auctions surged last week to become the second busiest week for the year so far, while prices rose on annual basis.

Capital city home prices were down on average by 0.1 per cent compared to the previous week, but were up 1.1 per cent compared to a year ago.

Nearly 3100 homes went under the hammer across Australia’s five major capital cities in the week ending March 18, CoreLogic’s data shows, significantly higher than the 1764 auctions held a year ago. But the clearance rate of 67.5 per cent was lower than the 74.1 per cent clearance rate a year ago.