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Clearance rates remain below 70% for 5th consecutive month with volumes on par to last year

This week, there were 2,894 auctions held across the combined capital cities returning a preliminary auction clearance rate of 66.5 percent, increasing on last week when the final auction clearance rate fell to its lowest reading since early 2016, when 61.5 percent of the 2,045 auctions cleared

Story Highlights

  • • Combined capital preliminary clearance rate of 66.5 percent (final clearance rate last week 61.5 percent)
  • • Auction volumes increase to 2894 properties taken to auction (up from 2045 last week)
  • • 12 months ago, 2897 were auctions held with a combined clearance rate of 75.8 percent

National auction clearance results for the week ending 12/11/2017 courtesy of CoreLogic

Clearance rates have continued to track below 70 percent since June the year; this is a considerably softer trend than what was seen over the same period last year when clearance rates were tracking around the mid 70 percent range for most of the second half 2016.Results across each of the individual markets were varied this week, with Canberra recording the highest preliminary auction clearance rate of 72.9 percent, while in Brisbane only 45.7 percent of auctions cleared.

Across Australia’s largest auction market Melbourne, a preliminary auction clearance rate of 71.4 percent was recorded across 1,299 auctions this week, down from last week’s final clearance rate of 74.3 percent across a much lower volume of auctions (318). Over the same week last year, 1,329 homes were taken to auction across Melbourne and a clearance rate of 76.8 percent was recorded. The Inner region of Melbourne held the most auctions this week (207), with a preliminary clearance rate of 66.5 percent. Meanwhile, the strongest clearance rate was recorded across the West region with an 82.2 percent success rate across 189 auctions.

Sydney returned a preliminary auction clearance rate of 64.4 percent this week, rising from last week’s 59.8 percent, while one year ago 81.4 percent of Sydney homes taken to auction were successful. Auction volumes decreased week-on-week, with 1,089 auctions held this week, down from the 1,232 held last week, while one year ago the exact same volume of auctions was recorded (1,089). The Ryde sub-region of Sydney recorded the highest preliminary clearance rate this week, with 88.6 percent of the 49 auctions held reporting as sold, while the North Sydney and Hornsby region held the most auctions (196), with 66.1 percent clearing.

The preliminary auction clearance rate across Brisbane this week was 45.7 percent, down from 47.7 percent over the week prior. Auction volumes were higher this week with 209 auctions held, up from 169 last week. Meanwhile, across the Gold Coast, 52.9 percent of the 34 reported auctions were successful.

This week, Adelaide saw a preliminary clearance rate of 65.0 percent across a total of 126 auctions, increasing slightly from the previous weeks 64.1 percent across 129 auctions. One year ago, 133 auctions were held with 67.3 percent clearing.

Perth’s clearance rate of 61.9 percent across 39 auctions is up from the previous week when 48 auctions were held and a clearance rate of 44.1 percent was recorded.  Over the same week last year, the clearance rate was a lower 37.5 percent, and 43 auctions were held.

In Canberra, 125 auctions were held this week returning a 72.9 percent preliminary clearance rate. Last week, 148 auctions were held and the clearance rate was a lower 66.7 percent. Over the same week last year, 97 auctions held and a clearance rate of 76.2 percent was recorded.

There were 7 Tasmanian auctions held this week, of the 4 results collected half reported as sold.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 12/11/2017):

  • Sydney – 64.4% clearance, 1089 total auctions, 783 results reported, 504 cleared, 279 uncleared
  • Melbourne – 71.4% clearance, 1299 total auctions, 1096 results reported, 783 cleared, 313 uncleared
  • Brisbane – 45.7% clearance, 209 total auctions, 129 results reported, 59 cleared, 70 uncleared
  • Adelaide – 65% clearance, 126 total auctions, 80 results reported, 52 cleared, 28 uncleared
  • Perth – 61.9% clearance, 39 total auctions, 21 results reported, 13 cleared, 8 uncleared
  • Tasmania – 50% clearance, 7 total auctions, 4 results reported, 2 cleared, 2 uncleared
  • Canberra – 72.9% clearance, 125 total auctions, 107 results reported, 78 cleared, 29 uncleared
    Combined national preliminary result – 67.2% clearance, 2894 total auctions (2220 reported, 1491 cleared). Weighted average clearance rate 66.5%

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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