Clearance rate remains lower than when spring started

CoreLogic RP Data National Auction Comment, week ending 7 December 2014

A preliminary weighted average clearance rate of 66.6 per cent was recorded this week across capital cities compared to 63.7 per cent last week and 64.5 per cent this time last year.

High auction volumes and a market where value growth is moderating explain why the capital city auction clearance rate has remained below 70 per cent for the past 10 weeks.

Auction Market Comment | Capital City

In Sydney a preliminary clearance rate of 71.7 per cent recorded compared to 70.6 per cent last week and 73.8 per cent last year. The market in Sydney may have eased from the perspective of the clearance rates however a longer term view shows the remarkable increase in homes offered at auction. Compared to the same recent 4 week period the number of auctions is up 22.6 per cent on last year and 90 per cent on 2012.

Auction Market Comment | Sydney

In Melbourne a preliminary clearance rate of 67.1 per cent was recorded compared to 63 per cent last week and 63.3 per cent this time last year. This week was the second largest on record with the 1,823 auctions missing the previous high in late October by 14.

Auction Market Comment | Melbourne

In Brisbane a preliminary clearance rate of 35.2 per cent was recorded compared to 37.8 per cent last week. Not unlike other capital cities the Brisbane auction market is showing a lower clearance rate as we get closer to Christmas.

Auction Market Comment | Brisbane

In Adelaide a preliminary clearance rate of 68 per cent compared to 62.3 per cent last week.

Auction Market Comment | Adelaide

In Canberra a clearance rate of 62.1 per cent was recorded.

In Perth a clearance rate of 38.1 per cent was recorded.

Robert Larocca
CoreLogic RP Data Housing Market Specialist

About Robert Larocca

Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years.

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