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Auction volumes return to normal after long weekend

Volumes bounce higher but clearance rates remain below 70 percent across every capital city apart from Melbourne

Story Highlights

  • • Combined capital preliminary clearance rate of 68.1 percent (final clearance rate last week 66.3 percent)
  • • Auction volumes higher with 2286 properties taken to auction (up from 969 last week)
  • • 12 months ago, 2290 were auctions held with a combined clearance rate of 76.4 percent

National auction clearance results for the week ending 08/10/2017 courtesy of CoreLogic

Auction activity across the combined capital cities increased this week after last week’s grand final and public holiday slowdown. 2,286 homes were taken to auction, returning a preliminary auction clearance rate of 68.1 percent. The preliminary clearance was up from the 66.3 percent last week when volumes dipped significantly across the capitals amidst the festivities of the grand finals and long weekend. Melbourne was the only capital city to record a preliminary clearance rate above 70 percent (72.1 %), while clearance rates across Sydney remained below 70 percent for the eleventh consecutive week. Compared to one year ago, clearance rates continue to track lower with final results from the corresponding week last year recording a 76.4 percent clearance rate, while volumes were a similar 2,290.

Melbourne’s preliminary auction clearance rate was recorded at 72.1 percent this week, down from the recent high of 87.0 percent last week when volumes fell considerably (122). This week, Melbourne was host to 1,111 auctions, similar to the same time last year when there were 1,114 Melbourne auctions held and 78.4 percent cleared. The Inner region of Melbourne had the highest number of auctions this week (198), with a preliminary clearance rate of 65.3 percent. However, the North East region recorded the highest clearance rate with 78.4 percent of the 152 auctions successful.

Sydney’s preliminary clearance rate this week was 67.2 percent across 591 auction results. There was a total of 800 auctions held across the city, increasing from the 607 auctions last week when 64.9 percent cleared. Over the corresponding week last year, a slightly lower 816 auctions were held across Sydney and a clearance rate of 79.8 percent was recorded. North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 121 properties taken to auction. The preliminary clearance rate for the region is 72.1 percent across 86 results.

There were 149 Brisbane homes taken to auction this week recording a preliminary auction clearance rate of 49.5 percent, unchanged from final results last week and lower than one year ago, when 53.5 percent of the 157 properties taken to auction were successful. Across the Gold Coast, there were a total of 62 auctions recording a preliminary clearance rate of 41.5 percent.

A total of 108 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 65.3 percent, down from 71.1 percent last week when 40 auctions were held across the city, and lower than one year ago when 98 auctions were held and 75.3 percent cleared.

There were 33 Perth auctions this week, with a preliminary clearance rate of 60 percent. Last week, 70 percent of the 13 auctions held were successful.

Canberra’s preliminary auction clearance rate of 62.7 percent this week is lower than last week, when the final auction clearance rate was 75.7 percent and also lower than the 85.0 percent recorded last year.

In Tasmania, 5 auctions were reported to CoreLogic with 3 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 08/10/2017):

  • Sydney – 67.2% clearance, 800 total auctions, 591 results reported, 397 cleared, 194 uncleared
  • Melbourne – 72.1% clearance, 1111 total auctions, 951 results reported, 686 cleared, 265 uncleared
  • Brisbane – 49.5% clearance, 149 total auctions, 109 results reported, 54 cleared, 55 uncleared
  • Adelaide – 65.3% clearance, 108 total auctions, 72 results reported, 47 cleared, 25 uncleared
  • Perth – 60% clearance, 33 total auctions, 15 results reported, 9 cleared, 6 uncleared
  • Tasmania – 60% clearance, 8 total auctions, 5 results reported, 3 cleared, 2 uncleared
  • Canberra – 62.7% clearance, 77 total auctions, 67 results reported, 42 cleared, 25 uncleared
    Combined national preliminary result – 68.4% clearance, 2286 total auctions (1810 reported, 1238 cleared). Weighted average clearance rate 68.1%

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.

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