Despite low volumes, capital city clearance rates remain strong at 79.2 per cent

The preliminary auction clearance rate was recorded at 79.2 per cent this week across 872 auction results. Given the public holiday on Monday, the number of homes taken to auction this week (1,155) has fallen in comparison to the previous week, when 2,792 homes were taken to auction. Last week, the final auction clearance rate was recorded at 78.5 per cent, bringing the combined capital city clearance rate for May to 78.4 per cent, only slightly lower than April’s result (78.8 per cent).

20150607 Capital City

Across Melbourne this week, auction volumes were significantly lower than the previous week, falling from 1,248 to 302. The preliminary auction clearance rate for Melbourne was recorded at 78.4 per cent across 255 results, which is a decrease from the final auction clearance rate last week (80.2 per cent). At the same time last year, 335 Melbourne homes were taken to auction and the clearance rate was 62.4 per cent. The Melbourne sub-region with the highest number of auctions this week was the South East, where 49 auctions were held. In terms of clearance rate, the strongest performing region was the Outer East region, with a preliminary clearance rate of 95.5 per cent across 22 results.

20150607 Melbourne

This week, Sydney’s preliminary auction clearance rate was recorded at 90.1 per cent, up from the final result over the previous week at 85.0 per cent. There were 573 Sydney auctions held this week, with 464 results reported to CoreLogic RP Data so far. The first five months of 2015 have proved to be the strongest on record for Sydney with an estimated 85 per cent of all homes taken to auction recording a successful result. This week, Sydney’s strongest performing sub-regions were the City and Inner South (97.9 per cent), North Sydney and Hornsby (96.3 per cent), Ryde (96.3 per cent) and Sutherland (96.1 per cent) regions.

20150607 Sydney

The preliminary clearance rate for Brisbane was recorded at 52.2 per cent this week, compared to 48.0 per cent last week and 37.3 per cent at the same time last year. There were 129 homes taken to auction in Brisbane this week, lower than the 213 held last week. Across the Gold Coast, 52.9 per cent of the reported auctions have sold.

20150607 Brisbane

Adelaide saw 61 homes taken to auction this week, with a preliminary clearance rate of 69.0 per cent. Last week, there were 95 Adelaide auctions and the final auction result was recorded at 67.4 per cent.

20150607 Adelaide

Unlike each of the other capital cities, the number of auctions held in Perth this week increased, up from 21 last week to 47 this week. The preliminary clearance rate for Perth was recorded at 38.1 per cent across 21 auction results.

Canberra’s preliminary clearance rate this week was 84.2 per cent across 19 auction results. There were 38 homes taken to auction in the city this week.

In Tasmania, 5 auctions were held and so far 4 results have been reported. Of the reported results, 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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