Auction volumes rise to 2,407 across the capital cities returning a preliminary weighted clearance rate of 69.6 percent
There were 2,407 auctions held across the combined capital cities this week, with a preliminary auction clearance rate of 69.6 percent. Last week, the final clearance rate fell to 67.8 percent, recording the lowest clearance rate year to date, across 1,279 capital city auctions. This is the 3rd week in a row now where the combined capital city clearance rate has trended below 70 percent.
National auction clearance results for the week ending 18/06/2017 courtesy of CoreLogic
At the same time last year, auction volumes were lower than this week, with 2,183 properties taken to auction and a clearance rate of 67.4 percent. Across Sydney, preliminary results show an improvement in the rate of clearance after last week’s final result saw the clearance rate drop below 70 percent, however as more results are collected it’s likely Sydney’s final clearance rate will again slip below the 70 percent mark. Melbourne’s auction results have also moderated, however, the clearance rates remain well above 70 percent, indicating some resilience in selling conditions relative to Sydney.
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 72.2 percent was recorded across 1,121 auctions this week. Last week, Melbourne’s final clearance rate was recorded at 75.9 percent across 389 auctions, while this time last year, 1,085 properties were taken to auction across Melbourne and a clearance rate of 68.3 percent was recorded. The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 224 and 160 auctions were held respectively.
Sydney’s preliminary auction clearance rate was 72.4 percent this week. Last week, Sydney’s final clearance rate fell below 70 percent (67.7 percent) recording the lowest clearance rate since April 2016, while one year ago results show that 73.4 percent of Sydney homes taken to auction were successful. In terms of the number of auctions across the city, this week volumes were higher, up to 906 from 619 last week. One year ago 768 Sydney homes were taken to auction over the week. The Eastern Suburbs sub-region of Sydney has shown the strongest performance so far this week, with 85.0 percent of the 60 reported results selling.
There were 150 Brisbane homes taken to auction this week, with 96 results reported so far. The preliminary clearance rate for the city is 49.0 percent, down from 52.2 percent last week and higher than one year ago when 45.1 percent of the 120 properties taken to auction were successful. Across the Gold Coast, 34 results have been reported so far, with a success rate of 50.0 percent.
Adelaide recorded a clearance rate of 71.8 percent across 101 auctions this week, up from 68.4 percent across 66 auctions last week. At the same time last year, 80 homes were taken to auction, with 64.8 percent recording a successful result.
There were 62 Perth auctions this week and so far 13 results have been reported, with 46.2 percent selling. Last week there was a 44.0 percent clearance rate for Perth.
Canberra’s preliminary auction clearance rate of 53.8 percent this week is lower than last week when the final auction clearance rate was 62.9 percent and lower than the 61.0 percent recorded last year.
Tasmania saw 5 auctions take place this week, 3 results have been reported so far, with 2 sales.
Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 18/06/2017):
- Sydney – 72.4% clearance, 906 total auctions, 717 results reported, 519 cleared, 198 uncleared
- Melbourne – 72.2% clearance, 1121 total auctions, 981 results reported, 708 cleared, 273 uncleared
- Brisbane – 49% clearance, 150 total auctions, 96 results reported, 47 cleared, 49 uncleared
- Adelaide – 71.8% clearance, 101 total auctions, 71 results reported, 51 cleared, 20 uncleared
- Perth – 46.2% clearance, 62 total auctions, 13 results reported, 6 cleared, 7 uncleared
- Tasmania – 66.7% clearance, 5 total auctions, 3 results reported, 2 cleared, 1 uncleared
- Canberra – 53.8% clearance, 62 total auctions, 52 results reported, 28 cleared, 24 uncleared
Combined national preliminary result – 70.4% clearance, 2407 total auctions (1933 reported, 1361 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.