Strong clearance rates in the Sydney and Melbourne auction markets push the capital city average clearance rate to 70%

The preliminary clearance rate across the combined capital cities rose this week, up from 69.5 per cent the previous week to 70.0 per cent. The level of activity across the capital city auction market was similar to the previous week, with 1,863 auctions held this week, compared to 1,876 last week. Auction activity remains well below the comparable week last year, however, when 2,599 capital city auctions were held and 79.1 per cent cleared. After ANZAC weekend last year, there were five consecutive weeks of more than 2,200 auctions held across the combined capitals; however the same activity hasn’t been replicated this year.

20160523 capital city

This week, there were 825 auctions held in Melbourne, down from 871 last week, and also lower compared to one year ago (1,162). Preliminary results show that 70.7 per cent cleared this week, falling from 71.3 per cent last week and well below the 82.1 per cent one year ago. Over the past seven weeks, Melbourne has maintained a clearance rate above 70 per cent. The most auction activity this week happened in Melbourne’s Inner sub-region, where 172 auctions were held and preliminary results show a 72.2 per cent clearance rate. On the other hand, the strongest clearance rate across the city so far this week was in the Outer East region at 80 per cent across 50 results from 57 auctions.

20160523 Melbourne

Sydney’s preliminary clearance rate was 74.2 per cent this week, having fallen from 76.2 per cent last week. The latest result marks the second week in a row where Sydney has been the best performing capital city market. While the clearance rate fell on a week-on-week basis, the number of residential auctions held across the city rose, from 647 last week to 700 this week. Similar to the broader market, Sydney’s auction activity this week is much lower than what was seen last year, when 1,018 auctions were held and 86.2 per cent cleared. Across the individual sub-regions of the city, the best performers this week were City and Inner South (86.5 per cent) and North Sydney and Hornsby (83.0 per cent).

20160523 Sydney

Across Brisbane 128 auctions were held this week, having fallen from 151 last week and also lower than one year ago (159). Preliminary results show 55.3 per cent of auctions were sold this week, compared to 49.3 per cent last week, meaning this week was the cities strongest clearance rate in twelve weeks. This week’s result is also higher than last year, when 46.2 per cent of Brisbane auctions were successful. There were 47 Gold Coast auctions this week with a preliminary clearance rate of 42.9 per cent.

20160523 Brisbane

Adelaide was host to 92 auctions this week with a preliminary clearance rate of 70.1 per cent. Last week 66.3 per cent of Adelaide’s 103 auctions were successful, while one year ago the city’s clearance rate was 70.9 per cent. Adelaide is the only city where more auctions were held this week compared to last year, when 88 auctions were held.

20160523 Adelaide

There were 42 Perth auctions held this week, 44 last week and 53 one year ago. The preliminary clearance rate this week is 54.5 per cent, up from 28.9 per cent last week and also higher than one year ago when one third of auctions across the city sold.

Preliminary results show 61.4 per cent of Canberra auctions sold this week, compared to 58.3 per cent last week and 63.5 per cent one year ago. There were 67 Canberra auctions held this week, up from 52 last week, but well below volumes seen last year (103).

5 Tasmanian auctions have been reported so far with just 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.

Connect with CoreLogic

Enter your email address to subscribe to our e-newsletter, and have new posts delivered via email. You can also connect with CoreLogic on social media.

Trackbacks/Pingbacks

  1. Strong clearance rates in the Sydney and Melbourne auction markets push the capital city average clearance rate to 70% - May 23, 2016

    […] Link: Strong clearance rates in the Sydney and Melbourne auction markets push the capital city average cle… […]

Leave a Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.