Auction activity remains steady while the capital city clearance rate rises to 69.1 per cent

The preliminary auction clearance rate was recorded at 69.1 per cent this week, having risen from 67.4 per cent last week. This week’s rise represents a further improvement from the recent low of 65.7 per cent over the weekend leading up to the Queen’s Birthday public holiday. There were 2,189 auctions held across the combined capital cities this week, up from 2,183 over the previous week. Auction performance remains well below the comparable week last year when 76.9 per cent of the 2,249 auctions cleared. For the tenth week in a row, Sydney recorded a clearance rate that was in excess of 70 per cent and for the third successive week, Melbourne’s auction clearance rate was below 70 per cent.

20160627 captial city

This week, Melbourne was host to 1,025 auctions, down from 1,085 last week and higher than the 1,007 held one year ago. Preliminary results show 68.4 per cent of auctions were successful this week, up from 68.3 per cent last week and signifying the third week in a row where Melbourne’s clearance rate has been below 70 per cent. The most auction activity this week was in Melbourne’s Inner sub-region, where 202 auctions were held and preliminary results show 65.6 per cent clearing.

20160627 Melbourne

Sydney’s preliminary clearance rate was 77.1 per cent this week, having risen from 73.4 per cent last week and remaining lower than one year ago (82.0 per cent). Although Sydney’s clearance rate remains lower than it was one year ago, the clearance rate has maintained strength over the past six months. Based on preliminary results, the strongest clearance rates across the city were in the Baulkham Hills and Hawkesbury region (86.7 per cent), while Eastern Suburbs and the Northern Beaches both reported a preliminary clearance rate of 84.9 per cent this week.

20160627 Sydney

Across Brisbane 171 auctions were held this week, rising from 120 last week and higher than the 140 held over the corresponding week last year. Preliminary data shows that 108 results have been reported to CoreLogic so far and 48.1 per cent were sold, compared to 45.1 per cent last week and 46.2 per cent one year ago. There were 55 Gold Coast auctions held this week, and based on the 24 reported results, 62.5 per cent cleared.

20160627 Brisbane

Adelaide was host to 89 auctions this week with a preliminary clearance rate of 67.6 per cent. Last week, 64.8 per cent of Adelaide’s auctions sold, while one year ago the clearance rate was 69.9 per cent. Over the past three weeks, the number of auctions held in Adelaide has held relatively steady and is also comparable to one year ago when 84 Adelaide auctions were held.

20160627 Adelaide

There were 42 Perth auctions held this week, 55 last week and 29 one year ago. Preliminary results indicate a fall in the weekly clearance rate, to 28.6 per cent, from 31.9 per cent from last week. One year ago 68.0 per cent of Perth auctions were successful.

Canberra’s clearance rate rose this week, up from 61.0 per cent last week to 64.5 per cent this week. One year ago, 72.9 per cent of auctions were successful. In terms of auction volume, the past two weeks have been relatively steady for the city, with 55 auctions this week and 66 last week.

7 Tasmanian auctions have been reported so far with 5 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.

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.

No comments yet.

Leave a Reply

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