Auction volumes fall with the clearance rate clinging to 70 percent

National auction clearance results for the week ending 03/09/2017 courtesy of CoreLogic

The final clearance rate across the combined capital cities has been sitting in the mid-high 60 percent range since June and it is likely that this will be the case again on Thursday when our final results are published. All but two of the capital cities saw the clearance rate increase week-on-week.

Across Melbourne, preliminary results show that 73.5 percent of the 839 reported auctions sold this week. There were 976 properties taken to auction across the city, down from 1,124 last week when the final clearance rate was recorded at 72.3 percent. Over the same week last year, 830 auctions were held and a clearance rate of 79.3 percent was recorded. The Inner region of Melbourne had the highest number of auctions this week (184), with a preliminary clearance rate of 70.1 percent. However, the strongest rate of clearance was recorded across the Outer East region, where 80.8 percent of the 52 auctions were successful.

Sydney was host to 770 auctions this week and a preliminary clearance rate of 70.5 percent was recorded, rising from 67.4 percent last week across 832 auctions. One year ago, 747 auctions were held across Sydney and a much stronger clearance rate was recorded (80.7 percent). Looking at the sub-regions of Sydney, 7 of the 15 sub-regions recorded clearance rates above 70 percent with the stand outs being the Eastern Suburbs (81.3 percent), City and Inner South (79.6 percent), Inner South West (78.7 percent) and North Sydney and Hornsby (75.3 percent) regions.

The preliminary clearance rate in Brisbane this week increased to 47.1 percent, from 43.9 percent last week. Auction volumes were slightly lower this week with 136 auctions held, down from 140 last week. Meanwhile, across the Gold Coast, just 28.0 percent of the 25 reported auctions were successful.

In Adelaide, a 60.4 percent preliminary result was recorded this week across 75 auctions. Last week, 69 Adelaide auctions returned a clearance rate of 68.3 percent for the city, while at the same time last year, 74 homes were taken to auction, with 79.1 percent recording a successful result.

Perth’s clearance rate of 63.6 percent across 11 auction results is up from last week, when 35 auctions were held and a clearance rate of 48.3 percent was recorded.  Over the same week last year, the clearance rate was a lower 46.7 percent, and 27 auctions were held.

Across Canberra, 69 homes were taken to auction this week. Preliminary results show a clearance rate of 68.4 percent, down from 71.9 percent the previous week.

Tasmania was host to 10 auctions this week and so far 8 have been reported with a 100 percent success rate.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 03/09/2017):

• Sydney – 70.5% clearance, 770 total auctions, 606 results reported, 427 cleared, 179 uncleared
• Melbourne – 73.5% clearance, 976 total auctions, 839 results reported, 617 cleared, 222 uncleared
• Brisbane – 47.1% clearance, 136 total auctions, 85 results reported, 40 cleared, 45 uncleared
• Adelaide – 60.4% clearance, 75 total auctions, 53 results reported, 32 cleared, 21 uncleared
• Perth – 63.6% clearance, 24 total auctions, 11 results reported, 7 cleared, 4 uncleared
• Tasmania – 100% clearance, 10 total auctions, 8 results reported, 8 cleared, 0 uncleared
• Canberra – 68.4% clearance, 69 total auctions, 57 results reported, 39 cleared, 18 uncleared
  Combined national preliminary result – 70.5% clearance, 2060 total auctions (1659 reported, 1170 cleared). Weighted average clearance rate 70.0%

Last week’s preliminary results as reported are here

^{The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects between 85% and 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.}