Capital city clearance rate rises to the highest reading this year

This week, 1,747 capital city auctions were held and preliminary results show that 1,485 auctions have been reported so far, with a preliminary clearance rate of 76.6 per cent, rising from 75.0 per cent last week across 1,471 auctions. This week’s clearance rate is comparable to one year ago, when 72.9 per cent of capital city properties cleared, however auction volumes remain significantly lower, as one year ago when 2,248 homes were taken to auction across the combined capitals. Preliminary results this week show that while Melbourne and Sydney maintain their place as the strongest performing cities, Canberra and Brisbane have also shown strengthening clearance rate performance.

20160822 capital city

This week there were 785 auctions in Melbourne, up from 605 last week, however remaining below the auction activity recorded at the same time last year (964). Preliminary results show a lower clearance rate, down from 78.9 per cent last week to 76.1 per cent. Last week was Melbourne’s strongest clearance rate since June last year. This week’s clearance rate is higher than one year ago, when 74.3 per cent of reported results were successful. Melbourne’s strongest performing sub-region this week was the Outer East, based on a clearance rate of 83.7 per cent across 49 auction results. Following on from this is the Inner South, where 80.2 per cent of auctions were sold, based on preliminary results.

20160822 Melbourne

Sydney was host to 654 auctions this week, with a preliminary clearance rate of 86.4 per cent, representing a significant rise from last week’s 78.3 per cent, and higher than one year ago (76.2 per cent).  The preliminary clearance rate is the highest Sydney has reported since the first week in June 2015 (88.7 per cent).  There were 635 auctions held in Sydney last week and 930 one year ago. The busiest sub-region of Sydney this week was the North Sydney and Hornsby region, where 111 auctions were held and 94 results have been reported so far. Of these reported results, 94.7 per cent were successful, which also happens to be the strongest clearance rate for the week across the individual sub-regions of Sydney.  Baulkham Hills and Hawkesbury recorded the second strongest clearance rate (94.1 per cent), however only 19 auctions were held across the regions and 17 results have been reported so far.

20160822 Sydney

There were 124 auction held across Brisbane this week, jumping from 87 last week, but not quite reaching the same levels as one year ago (143). Preliminary results for the city show that 56.5 per cent of auctions were successful this week, up from 44.4 per cent last week, while one year ago 54.5 per cent of auctions were sold. Further south, across the Gold Coast, 59 auctions were held over the week and 25 have been reported so far with a 56.0 per cent clearance rate, remaining almost unchanged from the 56.5 per cent last week.

20160822 Brisbane

Adelaide’s preliminary clearance rate this week was 66.2 per cent, falling from 68.8 per cent the previous week, and remaining lower than one year ago (72.7 per cent). Adelaide was host to 93 auctions this week, 56 last week and 90 at the same time last year.

20160822 Adelaide

Across Perth, preliminary results show 20.0 per cent of the 25 reported auctions were successful, while one week ago 52.0 per cent of Perth auctions were successful and one year ago 29.7 per cent were sold.

There were 44 auctions held in Canberra this week and the preliminary clearance rate was 72.2 per cent, up from 59.6 per cent last week and higher than one year ago (71.2 per cent).

A total of 5 auctions were held in Tasmania this week and so far 2 successful results have been reported.

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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