Auction markets continue their strong run of high clearance rates after the second busiest week for auctions so far this year

Auction volumes increased with 3,367 properties taken to auction this week.  This was the second highest number of reported auctions this year for the combined capital cities, up from 2,987 over the previous week. Despite the surge in auction numbers, market volume is still significantly lower than the corresponding week last year (3,729).  The preliminary auction clearance rate, despite the increase in volume, remains strong (76.0 per cent), up from last week’s final of 74.4 per cent and also higher than equivalent week last year (60.1 per cent). Every capital city except Perth and Canberra are showing auction numbers to be lower than a year ago, while every capital has recorded a higher clearance rate compared with last year.

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Across Melbourne, this week’s preliminary clearance rate was recorded at 76.9 per cent, down from a high of 79.4 per cent last week and remaining well above the clearance rate for the city one year ago (65.9 per cent). This week, Melbourne was host to 1,618 auctions, which was the second highest reported for Melbourne this year, higher than the 1,303 held last week, but lower than a year ago when there were 1,876 Melbourne auctions held over the week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North East. So far, CoreLogic has collected 172 results for the region and the preliminary result shows 82.0 per cent of these auctions were successful.

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Across Sydney, 1,236 homes were taken to auction this week with a preliminary clearance rate of 81.9 per cent. Last week, the final clearance rate for the city was 79.6 per cent, across 1,082 auctions. One year ago, 1,306 Sydney homes were taken to auction and the clearance rate was 56.2 per cent. This week, the performance across Sydney’s individual sub regions was varied. Across the Inner West region, where 86 results have been reported so far, the preliminary clearance rate was 90.7 per cent, while across Outer South West (69.2 per cent), Parramatta (68.7 per cent) and South West (59.3 per cent) the success rate of reported auctions was lower.

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There were 190 Brisbane homes taken to auction this week, with 114 results reported so far. The preliminary clearance rate for the city is 53.5 per cent, up from 45.2 per cent last week and also higher than one year ago, when 47.3 per cent of the properties taken to auction were successful. Across the Gold Coast 25 results have been reported so far, with a success rate of 64.0 per cent.

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A total of 140 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 66.3 per cent across 92 results, up slightly from 66.0 per cent last week when 137 auctions were held across the city.

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In Perth, 65 auctions took place this week, with 30 results reported so far. Perth’s preliminary clearance rate of 36.7 per cent across these 30 results is lower than last week’s result (38.1 per cent), although, slightly higher than the clearance rate from one year ago (36.0 per cent).

Canberra’s clearance rate was 72.2 per cent this week across 112 auctions, up from 70.3 per cent last week across 119 auctions.

There were only 6 Tasmanian auctions held this week. 3 were reported as sold

About Cameron Kusher

Cameron Kusher is Head of Research at CoreLogic, specialising in primary and secondary data analysis, property market commentary and consultancy. Cameron has a thorough understanding of the fundamentals such as demographics, trends, economics and spacial analysis and is a regular keynote speaker for property-related groups, regulated industry bodies, corporations and the government sectors. Follow Cameron on Twitter @cmkusher

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4 Responses to Auction markets continue their strong run of high clearance rates after the second busiest week for auctions so far this year

  1. Cameron Garry November 29, 2016 at 9:41 pm #

    Thank you Cameron for very informative blog.
    Interesting point is that this auction was the second highest number of this year.

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