Capital city clearance rate remains above 70% for the fourth consecutive week

This week marks the fourth consecutive week of the combined capital city clearance rate being above the 70 per cent mark, with the stronger than expected auction results continuing through the final week of February.  Capital city auction results haven’t recorded a four week period where the clearance rates were consistently higher than 70% since early September last year.  Based on 2,113 reported results, the preliminary clearance rate across the combined capitals was 72.4 per cent this week, having strengthened from 71.8 per cent last week when 2,347 auctions were held. Auction activity continues to pick up with 2,620 auctions scheduled this week; however is yet to reach the same levels seen at the same time last year which is more than likely attributed to Melbourne’s Labour Day public holiday falling a week later this year. Last year’s final auction clearance rate for the week was 76.4 per cent across a total of 3,238 auctions.  The robust rate of auction clearance, together with the CoreLogic Home Value Indices continuing to show a moderate rate of growth through February suggest housing markets are continuing to demonstrate a controlled slowdown rather than any signs of a sharp correction.

20160229 Capital city

Melbourne’s preliminary clearance rate this week is 75 per cent, up from 74.1 per cent last week, but lower than the 77.1 per cent of properties that sold at the same time last year. This week 1,327 residential homes were taken to auction, having increased from 1,105 the previous week. At the same time last year 1,565 Melbourne auctions were held, however volumes were higher due to the scheduling of the Labour Day weekend the following week. Melbourne’s top performing sub-region this week was the Inner South, where both a high volume of auctions were held (224) and the strongest clearance rate achieved at 83.9 per cent. Inner Melbourne had the most auctions this week (289), however the clearance rate was the second lowest of any Melbourne sub-regions at 71.8 per cent.

20160229 Melbourne

This week Sydney’s preliminary auction clearance fell to 73.3 per cent, following on from the previous week’s result of 76.5 per cent. There were 872 auctions held, rising from 800 last week, but lower than the 1,223 over the comparable week one year ago. A higher proportion of auctions were successful this week in Sydney’s Eastern Suburbs (86.9 per cent) and Ryde (81.6 per cent), however the most auction activity occurred in North Sydney and Hornsby with 173 auctions.

20160229 Sydney

The number of Brisbane homes taken to auction this week was similar to last week, with 175 held, compared to 172 the previous week. The preliminary auction clearance rate strengthened to 58.3 per cent this week, having risen from 53.1 per cent. Compared to the final months of 2015, Brisbane’s clearance rate so far this year has been consistently stronger. This week 43 Gold Coast auction results have been reported with a preliminary clearance rate of 48.8 per cent.

20160229 Brisbane

There were 118 Adelaide auctions held this week and preliminary results show a success rate of 72.7 per cent after having dipped to 64.6 per cent last week when 112 auctions were held. One year ago 109 Adelaide homes were taken to auction with a strong clearance rate of 76.7 per cent.

20160229 Adelaide

The number of Perth homes taken to auction this week remained steady, with 47 scheduled auctions compared to 42 last week and 46 the previous week. Preliminary results show the cities clearance rate sitting at 44.4 per cent.

Across Canberra, 72 homes were taken to auction this week. Preliminary results show a clearance rate of 69.6 per cent, up from 61.9 per cent the previous week.

So far 5 Tasmanian results have been reported with 3 sales.

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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