Auction markets continue to show a slight softening trend with a preliminary auction clearance rate of 76.2 per cent, the third week in a row in which the capital city clearance rate has fallen

The preliminary clearance rate across the combined capital cities was recorded at 76.2 per cent this week, compared to 76.8 per cent last week, marking the third week in a row where the auction clearance rate has trended lower. So far, 1,370 auctions have been reported this week, with a total of 1,669 auctions held across the capital cities. In comparison, last week there were 1,674 auctions, while at the same time last year 1,421 residential properties were taken to auction with a success rate of 67.2 per cent.

20150713 Capital City

The preliminary auction clearance rate for Melbourne was 78.2 per cent this week, with 651 auctions held across the city. Over the previous week, 78.6 per cent of the 640 Melbourne auctions sold, while at the same time last year, Melbourne’s clearance rate was significantly lower, at 66.4 per cent across 567 auctions. Across the individual sub-regions of Melbourne, the strongest performer this week was the Outer East, the only region where the preliminary clearance rate surpassed the 90 per cent mark, with 95.7 per cent of the 46 reported results selling.

20150713 Melbourne

For Sydney, usually Australia’s second largest auction market, the number of homes taken to auction this week (765) was higher than in Melbourne. Sydney’s preliminary clearance rate was 81.0 per cent, down from 82.0 per cent the previous week, but higher than at the same time last year (75.6 per cent). Although Sydney currently remains the strongest capital city auction market, over recent weeks the clearance rate across the city hasn’t been as strong as it was in April and May. Across Sydney’s Outer West and Blue Mountains region, there were six auction results reported this week with all properties selling. Following on from this, Sydney’s strongest performing sub-region this week was the Inner West, with a preliminary clearance rate of 90.1 per cent.

20150713 Sydney

53.6 per cent of Brisbane’s reported auctions were sold this week, compared to 63.5 per cent last week and 43.3 per cent at the same time last year. There were 121 auctions held across Brisbane this week, compared to 115 last week and 118 over the same week last year. Meanwhile, across the 29 reported Gold Coast results, the preliminary clearance rate was 58.6 per cent this week.

20150713 Brisbane

Adelaide’s preliminary clearance rate was 66.0 per cent this week, across a total of 50 reported results. This week’s clearance rate was lower than last week (69.3 per cent), but higher than at the same time last year (60.9 per cent).

20150713 Adelaide

Across Perth, 26 homes were taken to auction this week. So far, 13 results have been reported and the preliminary clearance rate for the city is 23.1 per cent, slightly higher than last week’s clearance rate of 22.2 per cent, but significantly lower when compared to last year (44.4 per cent).

This week, 30 Canberra auctions were held with a preliminary clearance rate of 69.2 per cent.

Across Tasmania, 4 results were reported to CoreLogic RP Data, with 3 of these properties 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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