Preliminary clearance rate holds above 70 percent however final results tell a different story

National auction clearance results for the week ending 10/09/2017 courtesy of CoreLogic

It will be interesting to see what the final clearance rate looks like on Thursday once the remaining records have been captured. Auction volumes increased week-on-week with 2,225 properties taken to auction this week, up from 2,074 last week, and higher than this time last year (2,062).

Across Melbourne, preliminary results show that 73.2 percent of the 938 reported auctions sold this week. There were 1,097 properties taken to auction across the city, up from 976 last week when the final clearance rate was recorded at 71.3 percent. Over the same week last year, 974 auctions were held and a clearance rate of 78.3 percent was recorded. The Inner region of Melbourne had the highest number of auctions this week (214), with a preliminary clearance rate of 71.7 percent. However, the strongest rate of clearance was recorded across the North West region, where 86.6 percent of the 82 reported auctions were successful. 7 of the 9 sub-regions recorded clearance rates above 70.0 percent.

Sydney was host to 810 auctions this week and a preliminary clearance rate of 72.3 percent was recorded, rising from 65.5 percent last week across 779 auctions, although this will fall over the week. One year ago, 758 auctions were held across Sydney and 80.6 percent were successful. Looking at the sub-regions of Sydney, 4 of the 15 sub-regions recorded clearance rates above 75.0 percent with the stand outs being the Northern Beaches (85.5 percent), Ryde (81.2 percent) and Baulkham Hills and Hawkesbury (80.0 percent) regions. The lowest clearance rate was recorded across the Sutherland region where 57.1 percent of the 42 reported auctions were successful.

The preliminary clearance rate in Brisbane this week was 43.9 percent, down from 45.6 percent last week. Auction volumes were similar this week with 137 auctions held, compared to 138 last week. Meanwhile, across the Gold Coast, 29.4 percent of the 34 reported auctions were successful.

In Adelaide, a 67.2 percent preliminary result was recorded this week across 74 auctions. Last week, 76 Adelaide auctions returned a clearance rate of 50.0 percent for the city, while at the same time last year, 88 homes were taken to auction, with 68.0 percent recording a successful result.

Perth’s clearance rate of 36.8 percent across 19 auction results is lower than last week, when 26 auctions were held and a clearance rate of 62.5 percent was recorded. Over the same week last year, the clearance rate was a lower 27.3 percent, and 29 auctions were held.

Across Canberra, 72 homes were taken to auction this week. Preliminary results show a clearance rate of 69.2 percent, up from 66.1 percent the previous week.

Tasmania was host to 4 auctions this week and so far 3 have been reported with just 1 successful sale.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 10/09/2017):

• Sydney – 72.3% clearance, 810 total auctions, 621 results reported, 449 cleared, 172 uncleared
• Melbourne – 73.2% clearance, 1097 total auctions, 938 results reported, 687 cleared, 251 uncleared
• Brisbane – 43.9% clearance, 137 total auctions, 98 results reported, 43 cleared, 55 uncleared
• Adelaide – 67.2% clearance, 74 total auctions, 61 results reported, 41 cleared, 20 uncleared
• Perth – 36.8% clearance, 31 total auctions, 19 results reported, 7 cleared, 12 uncleared
• Tasmania – 33.3% clearance, 4 total auctions, 3 results reported, 1 cleared, 2 uncleared
• Canberra – 69.2% clearance, 72 total auctions, 65 results reported, 45 cleared, 20 uncleared
  Combined national preliminary result – 70.5% clearance, 2225 total auctions (1805 reported, 1273 cleared). Weighted average clearance rate 70.2%

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.}