Third busiest auction week this year with combined preliminary clearance rate in the mid 60’s

National auction clearance results for the week ending 19/11/2017 courtesy of CoreLogic

This time last year, 2,987 homes were taken to auction and a clearance rate of 74.4 percent was recorded. The final clearance rate has remained below 65 percent for the last 4 weeks and it’s likely that this will be the case again on Thursday when the final results are released. One of the biggest contributors to the softer auction market conditions is Sydney, where the final clearance rate has remained below 60 percent since the last week of October, while Melbourne has slipped below 70 percent for the second week in a row.

Melbourne was host to 1,717 auctions this week and a preliminary clearance rate of 69.6 percent was recorded, making it the second busiest week for auctions in Melbourne this year. Last week saw the final clearance rate drop to 69.2 percent across 1,296 auctions, the lowest clearance rate the city has seen since the beginning of July 2016. One year ago, 1,303 auctions were held across Melbourne and 79.4 percent were successful. Looking at the sub-regions of Melbourne, 4 of the 9 sub-regions recorded clearance rates above 70.0 percent with the stand outs being the Mornington Peninsula (82.8 percent), North West (78.1 percent), and West (76.8 percent) regions.

Across Sydney, preliminary results show that 61.5 percent of the 756 reported auctions sold this week. There were 1,035 properties taken to auction across the city, down from 1,102 last week when the final clearance rate was recorded at 58.5 percent. Over the same week last year, 1,082 auctions were held and a clearance rate of 79.6 percent was recorded. Looking at the sub-regions of Sydney, North Sydney and Hornsby had both the highest number of auctions this week (154), and the strongest rate of clearance, recording a preliminary clearance rate of 72.4 percent.

The preliminary clearance rate in Brisbane rose to 49.6 percent across 213 auctions this week, from 44.1 percent across 209 auctions last week, while this time last year 262 auctions were held and a clearance rate of 45.2 percent was recorded. Meanwhile, across the Gold Coast, 39.2 percent of the 51 reported auctions were successful.

In Adelaide, a 66.3 percent preliminary result was recorded this week across 146 auctions. Last week, 128 Adelaide auctions returned a clearance rate of 62.0 percent for the city, while at the same time last year, 137 homes were taken to auction, with 66.0 percent recording a successful result.

Perth’s clearance rate of 60.0 percent across 25 auction results is up from last week, when 40 auctions were held and a clearance rate of 50.0 percent was recorded.  Over the same week last year, the clearance rate was a lower 38.1 percent, and 73 auctions were held.

Across Canberra, 130 homes were taken to auction this week. Preliminary results show a clearance rate of 67.6 percent, down from 69.7 percent the previous week.

Tasmania was host to 15 auctions this week and so far 7 results have been reported, returning a preliminary clearance rate of 85.7 percent.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 19/11/2017):

• Sydney – 61.5% clearance, 1035 total auctions, 756 results reported, 465 cleared, 291 uncleared
• Melbourne – 69.6% clearance, 1717 total auctions, 1391 results reported, 968 cleared, 423 uncleared
• Brisbane – 49.6% clearance, 213 total auctions, 139 results reported, 69 cleared, 70 uncleared
• Adelaide – 66.3% clearance, 146 total auctions, 101 results reported, 67 cleared, 34 uncleared
• Perth – 60% clearance, 79 total auctions, 25 results reported, 15 cleared, 10 uncleared
• Tasmania – 85.7% clearance, 15 total auctions, 7 results reported, 6 cleared, 1 uncleared
• Canberra – 67.6% clearance, 130 total auctions, 108 results reported, 73 cleared, 35 uncleared
  Combined national preliminary result – 65.8% clearance, 3335 total auctions (2527 reported, 1663 cleared). Weighted average clearance rate 65.4%

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.}