Auction markets continue their strong run, with the number of auctions recorded at the second highest level this year and clearance rates remaining above 70 per cent for the 20th successive week

Auction activity does not appear to be slowing through the festive period, with auction numbers reaching the highest level since March earlier this year.  There were 3,411 auctions held over the past week, returning a preliminary clearance rate of 74.6 per cent, which is up from last week’s 72.3 per cent and substantially higher than the equivalent period last year (58.2 per cent). The combined capitals clearance rate has been tracking above 70 per cent consistently over the past 20 weeks, with the clearance rate higher than 75 per cent over eleven of the past twenty week’s.  The last time the combined capital city clearance rate was tracking over 70 per cent over the given period was in 2009.  Across Australia’s two largest markets in Sydney and Melbourne, clearance rates rose this week, with preliminary results showing 77.4 per cent and 80.2 per cent respectively.

In Melbourne, the preliminary auction clearance rate increased this week, with results showing 80.2 per cent of the 1,683 recorded auctions were successful. Last week, Melbourne’s final clearance rate was recorded at 77.3 per cent across 1,416 auctions, while this time last year, 1,572 properties were taken to auction across Melbourne and a clearance rate of 64.9 per cent was recorded. The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 337 and 214 auctions were held respectively.

Sydney’s preliminary clearance rate this week was 77.4 per cent across 922 auction results. There were a total of 1,157 auctions held across the city. This is higher than the corresponding week last year, when 891 auctions were held across Sydney and a clearance rate of 54.7 per cent was recorded. North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 177 properties taken to auction. The preliminary clearance rate for the region is 83.7 per cent across 135 results.

There were 203 Brisbane auctions this week with a preliminary clearance rate of 48.1 per cent, this is higher than the 42.7 per cent recorded last week across 204 auctions, and also higher than one year ago when there were 180 auctions with a success rate of 41.9 per cent. The Gold Coast’s preliminary clearance rate was 20.0 per cent across 35 results this week.

Adelaide recorded a clearance rate of 66.0 per cent across 151 auctions this week, up from 65.3 per cent across 165 auctions last week. At the same time last year, 154 homes were taken to auction, with 49.3 per cent recording a successful result.

In Perth, 76 auctions took place this week, with 42 results reported so far. Perth’s preliminary clearance rate of 26.2 per cent across these 42 results is lower than both last week’s result (55.1 per cent) and the clearance rate from one year ago (36.2 per cent).

Canberra’s preliminary auction clearance rate of 64.9 per cent this week is higher than last week, when the final auction clearance rate was 60.6 per cent and also higher than the 48.6 per cent recorded last year.

Of the 13 Tasmanian auction results reported so far this week, 3 sales have been recorded.

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

Connect with CoreLogic RP Data

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

Trackbacks/Pingbacks

  1. Auction markets continue their strong run – Digital Finance Analytics (DFA) Blog - December 12, 2016

    […] The latest data from CoreLogic confirms that the auction markets continued their strong run last weekend, with the number of auctions recorded at the second highest level this year and clearance rates remaining above 70 per cent for the 20th successive week. […]

  2. Auction markets continue their strong run, with the number of auctions recorded at the second highest level this year and clearance rates remaining… - December 12, 2016

    […] More: Auction markets continue their strong run, with the number of auctions recorded at the second highes… […]

  3. 1 weekend until Xmas | First Home Buyers Australia (FHBA) - December 12, 2016

    […] Source: CoreLogic […]

Leave a Reply

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