Preliminary clearance rate falls slightly to 68.0 per cent as the number of auctions surges to the fourth highest week this year

This week 2,419 auctions were held across the combined capital cities, representing a substantial 26 per cent rise in auction activity compared to the previous week when 1,920 capital city auctions were held. This was the fourth highest number of weekly auctions held over the year to date.  The rise in activity was coupled with a slight fall in preliminary combined capitals clearance rate, from 68.9 per cent last week, to 68.0 per cent this week. Much of the strength in the combined capitals clearance rate can be attributed to the two largest auction markets (Melbourne and Sydney), where clearance rates remained the strongest nationally. One year ago, however, both Sydney and Melbourne recorded a clearance rate in excess of 80 per cent, and the combined capital city clearance rate was 78.5 per cent across 2,792 auctions.

20160530 Capital city

Melbourne was by far the busiest capital city auction market this week, with 1,157 auctions held, up from 843 last week and lower than one year ago (1,248). Preliminary results for the city show 70.8 per cent of auctions sold this week, compared to 70.0 per cent last week and 80.2 per cent one year ago. Across each individual sub-region of the city, performance was somewhat varied with clearance rates ranging from as high as 78.3 per cent in the Outer East across 77 auctions and as low as 65.1 per cent in the South East across 121 auctions.

20160530 Melbourne

Across Sydney, a 75.0 per cent clearance rate was recorded this week, based on preliminary results. There were 773 auctions held across the city, with 615 results reported so far. In comparison, last week’s clearance rate was 73.2 per cent, lower than this week, while one year ago, 85 per cent of the 1,149 auctions held across the Harbour city were successful over the week. While Sydney’s clearance rate isn’t tracking at the same strong levels seen last year, the city has maintained a relatively strong clearance rate since mid-February this year. This week, in fact, there were two sub regions that recorded a clearance rate above 80 per cent; Eastern Suburbs at 91.9 per cent across 116 auctions and North Sydney and Hornsby at 83.3 per cent across 114 auctions.

20160530 Sydney

Brisbane had 190 auctions this week, up from 131 last week, but lower than the 213 one year ago. Preliminary results show a clearance rate of 40.2 per cent across the city, compared to 50.9 per cent last week and 48.0 per cent at the same time last year. Across the Gold Coast 82 auctions were held this week, with 41 results reported so far. The preliminary clearance rate for the region was 41.5 per cent.

20160530 Brisbane

The preliminary clearance rate for Adelaide was 52.6 per cent this week with 122 auctions held, down from 68.8 per cent last week across 92 auctions. At the same time last year, there was less auction activity (92) and a higher success rate (67.4 per cent).

20160530 Adelaide

A total of 20 Perth auction results have been reported so far this week, with 10 sold. The preliminary clearance rate of 50.0 per cent shows a week-on-week rise, compared to 42.9 per cent last week across 35 results. Over the same week last year, just 21 Perth auctions were held and of the 17 reported results, 41.2 per cent cleared.

There were 107 Canberra auctions this week, the busiest week since the week ending 20 March this year when 119 auctions were held. This week represents the third week this year where over 100 auctions have been held in Canberra. Preliminary results show 64.4 per cent of Canberra auctions were successful, down from 67.2 per cent last week and 68.3 per cent one year ago.

So far this week, 6 Tasmanian auctions have been reported with a total of 4 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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  1. Sydney Auctions Still Hot – DFA Blog - May 30, 2016

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  2. Preliminary clearance rate falls slightly to 68.0 per cent as the number of auctions surges to the fourth highest week this year - May 30, 2016

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