Auction volumes normalise after last week’s lofty highs with a softening clearance rate

National auction clearance results for the week ending 05/11/2017 courtesy of CoreLogic

There were a total of 2,019 auctions held returning a preliminary auction clearance rate of 66.8 percent, increasing on last week’s final clearance rate of 64.5 percent. Over the corresponding week last year, 73.6 percent of the 2,517 auction held were successful. Melbourne saw the most notable decrease in volumes; the lower volumes a likely result of the upcoming Melbourne cup festivities and coming off the back of the busiest week for auctions ever recorded for the city last week, with only 309 held this week and 77.3 percent clearing. Sydney’s preliminary auction clearance rate rose this week to 67.4 percent, after last week’s final auction clearance rate fell to its lowest recorded since January 2016 (58.3 percent), while volumes remained steady week-on-week. Performance across the remaining capital cities was varied this week, with Perth returning the lowest clearance rate of 30 percent.

Melbourne’s preliminary auction clearance rate increased to 77.3 percent this week, from 70.2 percent last week when volumes across the city reached their highest ever recorded. There were 309 Melbourne homes taken to auction this week, falling significantly from the 1,983 auctions held over the week prior.  Over the same week last year, the clearance rate was a lower 76.1 percent across a higher 927 auctions. Across Melbourne’s sub-regions, the Inner South region was the best performer in terms of clearance rates, with an 88.5 percent clearance rate across 34 auctions, followed by the Inner region, where 83.9 percent of the 40 auctions sold.

Across Sydney, a preliminary auction clearance rate of 67.4 percent was recorded this week, increasing on last week when the final clearance rate for the city fell to its lowest seen since early 2016 (58.3 percent). There were 1,217 homes taken to auction this week, virtually unchanged from last week’s 1,215. One year ago, 1,087 Sydney homes were taken to auction, and the clearance rate was 78.8 percent. Performance across Sydney’s individual sub regions was mixed this week, with Baulkham Hills and Hawkesbury recording a clearance rate of 78.8 percent across 41 auctions, while the Outer South West region of Sydney recorded a much lower clearance rate of 33.3 percent across 18 auctions.

The preliminary auction clearance rate in Brisbane this week was 53.5 percent, increasing from 44.8 percent over the week prior. Auction volumes were lower this week with 169 auctions held, down from 190 last week. Meanwhile, across the Gold Coast, 30.8 percent of the 26 reported auctions were successful.

This week, Adelaide saw a preliminary auction clearance rate of 65.5 percent, across a total of 125 auctions, increasing from the previous week’s 62.5 percent, however slightly lower than the 65.6 percent one year ago.

There were 48 Perth auctions this week with only 30.0 percent clearing, which is lower than the 47.2 percent clearance rate last week when 47 auctions were held.

Canberra’s preliminary auction clearance rate of 68.2 percent this week is lower than last week, when the final auction clearance rate was 72.6 percent and also lower than the 71.7 percent recorded last year.

Tasmania saw only 2 auctions take place this week, 1 result has been reported so far, which cleared.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 05/11/2017):

• Sydney – 67.4% clearance, 1217 total auctions, 840 results reported, 566 cleared, 274 uncleared
• Melbourne – 77.3% clearance, 309 total auctions, 242 results reported, 187 cleared, 55 uncleared
• Brisbane – 53.5% clearance, 169 total auctions, 114 results reported, 61 cleared, 53 uncleared
• Adelaide – 65.5% clearance, 125 total auctions, 87 results reported, 57 cleared, 30 uncleared
• Perth – 30% clearance, 48 total auctions, 20 results reported, 6 cleared, 14 uncleared
• Tasmania – 100% clearance, 2 total auctions, 1 results reported, 1 cleared, 0 uncleared
• Canberra – 68.2% clearance, 149 total auctions, 129 results reported, 88 cleared, 41 uncleared
  Combined national preliminary result – 67.4% clearance, 2019 total auctions (1433 reported, 966 cleared). Weighted average clearance rate 66.8%

Last week’s preliminary results as reported are here

^{The above results are preliminary, with ‘final’ auction clearance rates published each Thursday by CoreLogic. 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.}