The final week of auction reporting for the year sees the combined capital city clearance rate remain above 70 per cent, while auction volumes continue their seasonal taper

Auction activity continued to ease this week after a surge in auctions over the past four weeks. The combined capital city clearance rate fell slightly to 70.5 per cent, down from last week’s 71.6 per cent. The number of properties taken to auction this week also fell across the capital cities, with 2,722 reported auctions, down from 3,432 last week, when the second busiest auction week this year was recorded. However, compared to the corresponding week last year, auction activity is significantly higher, with 1,818 auctions and a lower rate of clearance (59.4 per cent) reported over the same period last year.  Auction numbers will remain relatively sedate over the festive period, with CoreLogic resuming auction reporting in late January.

In Melbourne this week, the number of homes taken to auction fell to 1,286, down from last week’s seasonal high of 1,685, with the preliminary clearance rate for the city also falling over the week (75.7 per cent), down from 78.4 per cent over the previous week. However, this is significantly higher than the corresponding week last year when 875 auctions were reported with a clearance rate of 65.7 per cent.  Across Melbourne’s sub-regions, the Inner South region recorded the highest preliminary clearance rate of all the regions, with 84.4 per cent of the 113 auctions successful, followed by the Mornington Peninsula region, where an 82.5 per cent preliminary clearance rate was recorded across 52 auctions.

Across Sydney, there was a lower volume of auctions this week, with 874 held, down from 1,168 over the previous week. The preliminary clearance rate for the city saw a slight increase over last week, up to 74.1 per cent from 73.7 per cent last week. When compared to the same time last year, both, the clearance rate and number of auctions held are significantly higher than the equivalent period, when a 61.2 per cent clearance rate was recorded across 456 auctions. The Northern Beaches region recorded the strongest clearance rate of all the Sydney sub-regions, with a 90.2 per cent preliminary rate of clearance across 64 auctions, while the Inner South West region recorded the highest volume of auctions (118).

There were 233 Brisbane properties taken to auction this week, with a preliminary clearance rate of 45.7 per cent, up from 43.5 per cent last week and also higher than the same period last year, when 45.0 per cent of the 191 properties taken to auction were successful. Across the Gold Coast 23 results have been reported so far, with a clearance rate of 47.8 per cent.

This week, Adelaide saw a preliminary clearance rate of 61.4 per cent across a total of 132 scheduled auctions. This is higher than the previous week, when Adelaide’s clearance rate was 58.3 per cent and also higher than the 57.3 per cent recorded one year ago.

Perth’s clearance rate of 30.0 per cent across 47 auctions is up from the previous week, when 76 auctions were held and a clearance rate of 20.0 per cent was recorded. Over the same week last year, the clearance rate was lower, when 25.8 per cent of the 68 auctions were successful.

Canberra’s preliminary auction clearance rate of 65.5 per cent this week is higher than last week, when the final auction clearance rate was 60.8 per cent and also higher than the 52.2 per cent recorded last year.

In Tasmania this week, there were a total of 21 auctions held, with 4 results so far.

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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