Auction volumes highest they’ve been for 6 weeks with a low 70’s clearance rate.

National auction clearance results for the week ending 13/08/2017 courtesy of CoreLogic

This was the largest number of auctions held since the last week of June 2017 and approximately one third higher compared with the same week a year ago.  However, as more results are collected it is expected that the final auction clearance rate will be revised lower to remain within the high 60 percent range where it has tracked since the first week of June. Over the corresponding week last year, the clearance rate was 75.0 percent and 1,471 auctions were held. In Sydney, the preliminary clearance rate rose to 72.0 percent, which was higher than Melbourne’s preliminary clearance rate of 71.0 percent.  Afar Melbourne has remained the stronger performer for many weeks it is possible that Melbourne’s final clearance rate could drop below the 70 percent mark for the first time since July last year.

Across Melbourne, this week’s preliminary clearance rate was recorded at 71.0 percent, down from last week’s final clearance rate of 73.9 percent and lower the clearance rate for the city one year ago (78.9 percent). This week, Melbourne was host to 948 auctions, higher than the 911 held last week, and substantially higher than a year ago when there were 605 Melbourne auctions held over the week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North East. So far, CoreLogic has collected 112 results for the region and the preliminary result shows 78.6 percent of these auctions were successful.

Sydney’s preliminary clearance rate this week was 72.0 percent across 625 auction results. There was a total of 782 auctions held across the city. Looking back at this weekend last year, 635 auctions were held across Sydney and a clearance rate of 78.3 percent was recorded. The North Sydney and Hornsby region hosted the most auctions of any Sydney sub-region this week, with 138 properties taken to auction. The preliminary clearance rate for the region is 77.8 percent across 108 results.

Brisbane was host to 100 auctions this week and so far 63 results have been reported, recording a preliminary clearance rate of 54.0 percent. Last week, auction volumes across the city were higher with 156 auctions held across the city and a 48.7 percent clearance rate recorded. The number of homes taken to auction this week increased across the Gold Coast with 49 properties up for sale this week. Of the 20 results reported, 30.0 percent were successful.

This week, Adelaide saw a preliminary clearance rate of 72.9 percent, with 59 reported results across a total of 87 scheduled auctions. In comparison, over the previous week, Adelaide’s clearance rate was 63.0 percent and 68.8 percent one year ago.

In Perth, 32 auctions took place this week, with 10 results reported so far. Perth’s preliminary clearance rate of 40.0 percent across these 10 results is lower both last week’s result (47.1 percent) and the clearance rate from one year ago (52.0 percent).

Across Canberra, a total of 57 auctions were held this week, compared to 69 last week and 51 at the same time last year. Canberra’s preliminary clearance rate of 87.0 percent is higher than it was the previous week (70.3 percent).

Tasmania saw 5 auctions take place this week, 2 results have been reported so far, with 1 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 06/08/2017):

• Sydney – 72% clearance, 782 total auctions, 625 results reported, 450 cleared, 175 uncleared
• Melbourne – 71% clearance, 948 total auctions, 848 results reported, 602 cleared, 246 uncleared
• Brisbane – 54% clearance, 100 total auctions, 63 results reported, 34 cleared, 29 uncleared
• Adelaide – 72.9% clearance, 87 total auctions, 59 results reported, 43 cleared, 16 uncleared
• Perth – 40% clearance, 32 total auctions, 10 results reported, 4 cleared, 6 uncleared
• Tasmania – 50% clearance, 5 total auctions, 2 results reported, 1 cleared, 1 uncleared
• Canberra – 87% clearance, 57 total auctions, 46 results reported, 40 cleared, 6 uncleared
  Combined national preliminary result – 71% clearance, 2011 total auctions (1653 reported, 1174 cleared). Weighted average clearance rate 70.5%

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.}