Both the number of auctions and the auction clearance rate up week-on-week

Across the combined capital cities, the preliminary auction clearance rate was recorded at 78.4 per cent across 1,981 results this week. This week, auction volumes were higher than last week, with 2,470 capital city homes taken to auction, compared to 2,232 over the previous week when the clearance rate was recorded at 77.5 per cent. The number of homes taken to auction this week was lower than last year, when 2,786 auctions were held, however the clearance rate last year was lower, at 67.1 per cent.

20150524 CapitalCity

In Australia’s largest auction market, Melbourne, the preliminary clearance rate of 80.0 per cent was an improvement on the previous week’s final auction clearance rate of 78.3 per cent. Prior to this week, Melbourne’s clearance rate for the year to date was tracking at 77.6 per cent, so this week’s result has shown further improvement across an already strong market. There were 1,110 Melbourne auctions this week, with 961 results reported so far. Over the previous week, 1,012 Melbourne auctions were held, and a higher 1,211 were held last year, with a clearance rate of 66.6 per cent. This week, the individual sub-region of Melbourne with the strongest result was the Outer East region, where 87.3 per cent of reported auctions were successful.

20150524 Melbourne

The clearance rate increased in Sydney this week to 86.9 per cent, based on preliminary results, signifying that Sydney’s clearance rate of 85.0 per cent last week was a brief dip, after the four previous weeks where Sydney’s clearance rate was recorded above the 87 per cent mark. There have been 770 Sydney auction results reported so far this week, with 950 homes taken to auction. Volumes are higher than last week, when 885 residential auctions were held, and lower than last year, when there were 1,115 auctions. One year ago, Sydney’s auction clearance rate was 73.1 per cent, more than 10 percentage points lower than the current level. Across Sydney’s individual sub-regions, the Inner West region recorded the strongest result with a preliminary clearance rate of 94.7 per cent across 76 results.

20150524 Sydney

Brisbane’s preliminary clearance rate across 86 results this week was 51.2 per cent, increasing from 50.0 per cent across 136 auctions last week. At the same time last year, Brisbane was host to 185 auctions with 49.4 per cent of properties recording a sale. Across the Gold Coast, 40 auction results have been reported and based on this, the preliminary clearance rate is 35 per cent.

20150524 Brisbane

Across Adelaide, there were 87 auctions this week, with 65 results collected so far. The preliminary clearance rate of 72.3 per cent is higher than both last week (63.8 per cent) and last year (64.2 per cent).

20150524 Adelaide

There have been 20 Perth auction results reported so far this week with a preliminary clearance rate of 25 per cent. Perth’s clearance rate last week was 41.9 per cent and 45.0 per cent last year.

In Canberra this week, 100 auctions were held and so far, 69 results have been reported with a clearance rate of 65.2 per cent.

There were 15 Tasmanian auctions held over the week. Of the 10 results reported, 2 properties have sold.

About Shana Miller

Shana joined CoreLogic RP Data in 2007, heading up CoreLogic RP Data’s 'agents advice' team which is responsible for collecting sales data directly from industry participants. Having gained a solid background in data collection, storage and reporting, Shana joined CoreLogic RP Data’s research team as an analyst in 2011. Shana's day to day activities include compiling CoreLogic RP Data’s regular analysis such as auction and private treaty metrics as well as reporting on housing markets at a local through to national level. Shana has now joined the CoreLogic RP Data commentating team to deliver weekly blog updates on housing market activity across the country.

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