Easter long weekend returns a rise in capital city auction clearance rate on subdued volumes
Across the combined capital cities, the auction clearance rate rose to 78.8 percent last week, from 74.8 percent the previous week.
National auction clearance results for the week ending 16/04/2017 courtesy of CoreLogic
The number of homes taken to auction, however, fell to just 487 across the capital city markets, with Sydney host to the majority of auctions last week (275).
Preliminary results for Sydney show that 82.4 percent of reported auctions (187) were successful, the strongest clearance rate for the city this year; however it is likely that this will revise down as further results are captured over the coming days.
In Melbourne, traditionally the country’s largest auction market, there were just 99 auctions held last week, with 55 results reported so far and a clearance rate of 85.5 percent so it will be interesting to see what happens when the remaining results are obtained.
Preliminary clearance rates in each state courtesy of CoreLogic (as at 10am EDST 18/04/2017):
- Sydney – 82.4% clearance, 275 total auctions, 187 results reported, 154 cleared, 33 uncleared
- Melbourne – 85.5% clearance, 99 total auctions, 55 results reported, 47 cleared, 8 uncleared
- Brisbane – 45.5% clearance, 32 total auctions, 22 results reported, 10 cleared, 12 uncleared
- Adelaide – 72.4% clearance, 42 total auctions, 29 results reported, 21 cleared, 8 uncleared
- Perth – 40% clearance, 8 total auctions, 5 results reported, 2 cleared, 3 uncleared
- Tasmania – 0% clearance, 1 total auctions, 1 results reported, 0 cleared, 1 uncleared
- Canberra – 81.8% clearance, 30 total auctions, 22 results reported, 18 cleared, 4 uncleared
Combined national preliminary result – 78.5% clearance, 487 total auctions (321 reported, 252 cleared.)
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.