Melbourne’s clearance rate falls below 70 per cent for the first time since mid-February

The number of homes taken to auction this week increased to 3,086, up from 2,858 over the previous week, while the preliminary clearance rate of 66.6 per cent is down from 67.4 per cent last week, making this week the second lowest clearance rate recorded all year. The clearance rate has now been below the 70 per cent mark for 6 weeks in a row. Over the corresponding week last year, the clearance rate was 69.3 per cent and 3,231 auctions were held.

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Across Melbourne, auction volumes are the highest they have been all year with 1,663 properties taken to auction this week, while the clearance rate of 69.8 per cent fell from 72.7 per cent across 1,398 auctions last week. This is the third lowest clearance rate for the year. At the same time last year, Melbourne was host to 1,837 auctions and a clearance rate of 71.0 per cent was recorded. The busiest Melbourne sub-region this week was the Inner region where 341 auctions were held and a clearance rate of 73.7 per cent was recorded.

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Sydney’s preliminary auction clearance rate improved this week after the lowest clearance rate for the year was recorded last week. This week, 64.4 per cent of the 995 auctions scheduled were successful, up from 63.7 per cent across 1,105 auctions over the previous week. Although the clearance rate has improved this week, it is still well below the 74.8 per cent recorded across 961 auctions at the same time last year. The Eastern suburbs sub-region of Sydney has shown the strongest performance so far this week, with 84.3 per cent of the 109 reported results selling, with 20 remaining results yet to be collected.

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In Brisbane, 223 auctions were held this week and a clearance rate of 54.8 per cent was recorded. Looking at last week, volumes were lower with 145 properties taken to auction and a clearance rate of 47.6 per cent. Over the same week last year, 46.3 per cent of the 211 auctions were successful. The Gold Coast saw 71.4 per cent of the 21 reported auctions sell this week.

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This week, Adelaide recorded a preliminary clearance rate of 74.6 per cent; with 67 reported results across a total of 103 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 67.5 per cent and 56.5 per cent one year ago.

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There were 33 Perth auctions this week and so far 16 results have been reported, with just 31.3 per cent selling. Last week there was a 46.2 per cent clearance rate for Perth although only 16 auctions were held.

Canberra’s preliminary auction clearance rate of 67.6 per cent this week is similar to last week, when the final auction clearance rate was 68.0 per cent and higher than the 58.3 per cent recorded last year.

Of the 8 Tasmanian auction results reported so far this week, 4 sales have been recorded.

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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