Preliminary auction clearance rate above 70 percent on higher volumes

National auction clearance results for the week ending 15/10/2017 courtesy of CoreLogic

There were 2,497 auctions held across the combined capital cities this week, up from 2,318 last week. So far, 2,007 results have been reported to CoreLogic, returning a preliminary clearance rate of 70.6 percent, increasing from last week when the final clearance rate slipped to 64.4 percent, the lowest clearance rate since January 2016. While we expect the clearance rate to revise over the next few days as the remaining results are collected, it will be interesting to see how the clearance rate holds up on Thursday when the final figures are released. Over the corresponding week last year, auction volumes were similar, with 2,443properties taken to auction, while the clearance rate was stronger (76.2 percent). The highest preliminary clearance rate was recorded in Melbourne this week (74.8 percent), followed closely by Canberra (74.5 percent).

Melbourne was host to 1,208 auctions this week and so far, 1,042 results have been reported, returning a preliminary clearance rate of 74.8 percent, while last week, 1,119 auctions were held and a final clearance rate of 70.3 percent was recorded. At the same time last year, Melbourne’s clearance rate was 77.7 percent across 1,182 auctions. Of the Melbourne sub-regions, 6 of the 9 regions recorded clearance rates above 75.0 percent. Both the Inner South and the North West regions recorded a preliminary clearance rate of 78.8 percent this week, followed by the Outer East region where 76.7 percent of auctions cleared. The busiest sub-region for auctions this week was Melbourne’s Inner region where 237 auctions were held.

Sydney’s preliminary auction clearance rate was 69.5 percent across 916 auctions this week, after last week saw the final clearance rate fall to the lowest level since late 2015/early 2016 (61.3 percent across 818 auctions), although as usual, this is likely to revise lower over the next few days as more results are collected. This time last year, auction volumes were similar with 913 homes taken to auction, although the clearance rate was much stronger (81.4 percent). There were 6 Sydney sub-regions that recorded an individual clearance rate higher than the city as a whole this week. The Eastern suburbs (81.5 percent), North Sydney and Hornsby (81.0 percent) and Northern Beaches (80.7 percent) had the highest clearance rates.

There were 170 Brisbane homes taken to auction this week, with 130 results reported so far. The preliminary clearance rate for the city is 50.0 percent, up from 47.8 percent last week and higher than one year ago, when 44.9 percent of the 151 properties taken to auction were successful. Across the Gold Coast, 34 results have been reported so far, with a success rate of 44.1 percent.

This week, Adelaide saw a preliminary clearance rate of 68.4 percent, with 79 reported results across a total of 93 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 61.4 percent and 62.5 percent one year ago.

Perth recorded a preliminary clearance rate of 57.9 percent across 19 reported auctions, compared to last week, when 35 auctions were held and a clearance rate of 43.3 percent was recorded. Over the same week last year, the clearance rate was 52.0 percent, and 34 auctions were held.

In Canberra, 74.5 percent of the 47 reported auction results for Canberra were sold this week, up from 59.5 percent last week, but lower than last year (82.8 percent).

There were 4 Tasmanian auctions reported to CoreLogic this week, with 2 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 15/10/2017):

• Sydney – 69.5% clearance, 916 total auctions, 686 results reported, 477 cleared, 209 uncleared
• Melbourne – 74.8% clearance, 1208 total auctions, 1042 results reported, 779 cleared, 263 uncleared
• Brisbane – 50% clearance, 170 total auctions, 130 results reported, 65 cleared, 65 uncleared
• Adelaide – 68.4% clearance, 93 total auctions, 79 results reported, 54 cleared, 25 uncleared
• Perth – 57.9% clearance, 42 total auctions, 19 results reported, 11 cleared, 8 uncleared
• Tasmania – 50% clearance, 7 total auctions, 4 results reported, 2 cleared, 2 uncleared
• Canberra – 74.5% clearance, 61 total auctions, 47 results reported, 35 cleared, 12 uncleared
  Combined national preliminary result – 70.9% clearance, 2497 total auctions (2007 reported, 1423 cleared). Weighted average clearance rate 70.6%

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.}