Industry NewsNationalNews

Auction volumes continue downward trend returning a preliminary clearance rate of 70.7 percent

The combined capital city preliminary clearance rate increased to 70.7 percent this week, up from 67.3 percent last week, while auction volumes fell week-on-week. There were 1,751 properties taken to auction this week, down from 2,001 last week.

National auction clearance results for the week ending 09/07/2017 courtesy of CoreLogic

Auction volumes were higher than this time last year when 1,399 auctions were held and a clearance rate of 70.6 percent was recorded. Over the past 5 weeks, the final clearance rate across the combined capital cities has been sitting in the mid-high 60 percent range 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 while Melbourne recorded the highest preliminary clearance rate at 73.9 percent.

Across Melbourne, preliminary results show that 73.9 percent of the 716 reported auctions sold this week. There were 812 properties taken to auction across the city, down from 874 last week when the final clearance rate was recorded at 70.8 percent. Over the same week last year, 619 auctions were held and a clearance rate of 71.8 percent was recorded. The West region of Melbourne had the highest number of auctions this week (149), with a preliminary clearance rate of 71.6 percent. However, the strongest rate of clearance was recorded across the Outer East region, where 80.6 percent of the 72 reported auctions were successful.

Sydney was host to 650 auctions this week and a preliminary clearance rate of 72.5 percent was recorded, rising from 68.0 percent last week across 840 auctions. The final clearance rate for Sydney has been below 70 percent for the last 4 weeks so it will be interesting to see if this continues on Thursday. One year ago, 512 auctions were held across Sydney and 76.5 percent were successful. Looking at the sub-regions of Sydney, 7 of the 15 sub-regions recorded clearance rates above 75.0 percent with the standouts being the Eastern Suburbs (88.5 percent), Baulkham Hills and Hawkesbury (83.3 percent), Central Coast (81.0 percent) and Ryde (79.3 percent) regions.

The preliminary clearance rate in Brisbane this week rose to 57.7 percent, from 51.6 percent last week. Auction volumes were slightly lower this week with 112 auctions held, down from 118 last week. Meanwhile, across the Gold Coast, 51.6 percent of the 31 reported auctions were successful.

In Adelaide, a 56.1 percent preliminary result was recorded this week across 61 auctions. Last week, 80 Adelaide auctions returned a clearance rate of 60.6 percent for the city, while at the same time last year, 68 homes were taken to auction, with 69.5 percent recording a successful result.

Perth’s clearance rate of 50.0 percent across 16 auction results is up from last week when 44 auctions were held and a clearance rate of 40.5 percent was recorded.  Over the same week last year, the clearance rate was a lower 33.3 percent, and 22 auctions were held.

Across Canberra, 65 homes were taken to auction this week. Preliminary results show a clearance rate of 63.0 percent, up from 71.4 percent the previous week.

Tasmania was host to 10 auctions this week and so far 8 have been reported with 5 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 09/07/2017):

  • Sydney – 72.5% clearance, 650 total auctions, 542 results reported, 393 cleared, 149 uncleared
  • Melbourne – 73.9% clearance, 812 total auctions, 716 results reported, 529 cleared, 187 uncleared
  • Brisbane – 57.7% clearance, 112 total auctions, 78 results reported, 45 cleared, 33 uncleared
  • Adelaide – 56.1% clearance, 61 total auctions, 41 results reported, 23 cleared, 18 uncleared
  • Perth – 50% clearance, 41 total auctions, 16 results reported, 8 cleared, 8 uncleared
  • Tasmania – 62.5% clearance, 10 total auctions, 8 results reported, 5 cleared, 3 uncleared
  • Canberra – 63% clearance, 65 total auctions, 54 results reported, 34 cleared, 20 uncleared
    Combined national preliminary result – 71.3% clearance, 1751 total auctions (1455 reported, 1037 cleared). Weighted Average 70.7%

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.

Tags
Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: newsroom@eliteagent.com.au

Related Articles

Close

Adblock Detected

Please consider supporting us by disabling your ad blocker

BE THE ELITE. JOIN 30,000+ AGENTS WHO WAKE UP WITH US EVERY DAY

x