Brisbane’s auction market shows the highest preliminary clearance rate since 2009

Prior to this week, the year to date clearance rate across the combined capital cities was 76.9 per cent, indicating that this week’s preliminary clearance rate of 77.7 per cent is performing above this level. This week, there were 1,998 auctions held across Australia’s capital cities, with 1,307 results reported so far. Over the previous week, 1,827 residential auctions were held with a clearance rate of 75.4 per cent. In comparison, at the same time last year 67.9 per cent of the 1,705 auctions were sold, indicating the current auction conditions remain stronger than they were one year ago.

20150727 Capital City

The preliminary clearance rate across Melbourne was recorded at 76.5 per cent this week across 638 auction results. There were 845 auctions held across the city this week, up from 759 last week when the final auction clearance rate was recorded at 76.0 per cent and similarly, higher than at the same time last year when there were 736 Melbourne auctions with 68.5 per cent of homes selling. This week, there were 3 sub regions which recorded a clearance rate above 80 per cent; Outer East at 89.0 per cent, North West at 82.5 per cent and North East at 82.2 per cent. The region with the highest volume of auctions this week was the Inner region (141).

20150727 Melbourne

For Sydney, the clearance rate across the city this week increased, up to 82.7 per cent from 79.7 per cent last week and 75.4 per cent at the same time last year. Across the city, 841 homes were taken to auction this week, more than last week (794) and significantly higher than one year ago, when 660 Sydney auctions were held. Since mid-August, Sydney’s auction clearance rate has been trending downwards, after the city has seen a record strong performance over the first six months of the year. Despite this, the clearance rate still remains stronger than any other capital city and there are still sub-regions across the city where the clearance rate remains above the 90 per cent mark including Ryde, Eastern Suburbs, Inner West and City and Inner South.

20150727 Sydney

This week, Brisbane’s preliminary auction clearance rate was 66.0 per cent, compared to 60.2 per cent the previous week and just 44.7 per cent last year. So far, 17 Gold Coast auction results have been reported and the clearance rate for the region is 64.7 per cent.

20150727 Brisbane

There were 80 Adelaide auctions this week, with a clearance rate of 60.6 per cent across the 33 results reported so far. Last week, Adelaide’s final auction clearance rate was 64.3 per cent, while one year ago the city saw 60.3 per cent of homes taken to auction sell.

20150727 Adelaide

Across Perth, 10 auctions have been reported so far with a clearance rate of 80.0 per cent, compared to just 18.8 per cent last week and 50.0 per cent at the same time last year. Perth’s clearance rate is often subjected to highs and lows given the low volume of auctions across the city.

Canberra’s preliminary clearance rate was 80.0 per cent this week across 25 results. Last week, 82.1 per cent of Canberra auctions were successful, the second strongest result for the city so far this year.

So far this week, 4 Tasmanian auctions have been reported and of these reported results there has been 1 sale.

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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