Auction volumes lower slightly, while the preliminary clearance rate rises to 70 per cent

Given the ANZAC day public holiday, auction activity has slowed down slightly this week, from 1,699 auctions having been held last week to 1,542 this week. Of the 1,248 results that have been reported so far, 70 per cent were successful, up from 67.4 per cent last week and based on preliminary results, the strongest clearance rate recorded in the past four weeks. At the same time last year, the capital city clearance rate was much stronger, at 82.3 per cent across just 604 auctions.

20160426 combined capitals

This week 595 Melbourne auctions were held, compared to 889 last week and just 183 one year ago. Last year’s volumes were much lower, given that ANZAC day fell on Saturday, traditionally the busiest week day for auction activity. Preliminary results show 71 per cent of Melbourne auctions were successful this week, only slightly lower than the 71.5 per cent last week, but significantly lower than one year ago (86.6 per cent). Despite the lower than usual activity across the city, the Inner sub-region of Melbourne was host to 99 auctions, the busiest of any Melbourne region and returned a preliminary clearance of 70.3 per cent across 91 results.

20160426 Melbourne

Sydney’s preliminary results show 78.4 per cent of auctions cleared this week, rising substantially from 69.8 per cent last week but remaining lower than one year ago when virtually 9 out of every 10 auctions were successful. 626 auctions were held across the city this week, 477 last week and 285 at the same time last year. The Sydney sub-region of Eastern Suburbs accounted for the highest proportion of auctions this week (14.3 per cent) and preliminary results show it was also the most successful region for auctions, with a clearance rate of 91.4 per cent.

20160426 Sydney

Across Brisbane, auction clearance rates fell this week to 40.9 per cent, from 47 per cent the previous week. 129 Brisbane homes went to auction this week. At the same time last year, auction clearance rates were higher, at 61.5 per cent, however only 26 auction results were reported. The Gold Coast saw 45 auctions held this week, with 29 results reported so far and a clearance rate similar to Brisbane at 41.4 per cent.

20160426 Brisbane

Adelaide’s clearance rate dipped slightly this week, from 61.7 per cent the previous week to 59.7 per cent this week. The number of auctions held remained steady, with 101 this week and 100 last week.

20160426 Adelaide

Perth was host to 30 auctions this week, similar to last week when 26 were held. Preliminary results show a clearance rate of 30.4 per cent for Perth, noting that the cities clearance rate tends to move around a lot due to the low volume of auctions across the city and the fact that it isn’t a traditional auction market.

Canberra’s auction market saw clearance rates remain steady this week, at 69.4 per cent this week compared to 68.9 per cent last week. This week’s clearance rate is the strongest for the city in six weeks. 56 properties across Canberra were taken to auction this week, 49 last week and 23 over the same week last year.

There were 5 Tasmanian auctions this week with 3 reported results. Of the three reported results, each auction was successful this week.

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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