Auction volumes surge past 2,000 for the first time this year across Australia’s combined capital cities, with CoreLogic’s preliminary clearance rate reaching 77 per cent.

The combined capital city preliminary clearance rate remained in the high 70 per cent range over the week, despite auction volumes reaching the highest level so far this year.  There were 2,280 dwellings taken to auction this week, significantly increasing from 1,591 over the previous week, with 77.0 per cent of auctions reported as successful.  The larger number of auctions was driven by a substantial rise across the Sydney and Melbourne markets, while the number of auctions held actually saw a decrease across the smaller capital cities over the week.  The strongest clearance rates, based on preliminary data, were in Sydney and Canberra, where 83.5 per cent and 81.5 per cent of auctions returned a successful result.  Melbourne also recorded a strong preliminary clearance rate, with 76.7 per cent of auctions clearing.  The preliminary combined capital city clearance rate was higher this week than what was seen over the same period last year, however, the number of auctions held was lower, with 2,347 auctions held over the same week last year, returning a 71.8 per cent clearance rate.

Across Melbourne, this week’s preliminary clearance rate was recorded at 76.7 per cent, up from 75.9 per cent last week and also higher the clearance rate recorded over the same week last year (74.1 per cent). This week, Melbourne was host to 1,103 auctions, higher than the 556 held last week, and only marginally lower than what was seen one year ago, when there were 1,105 Melbourne auctions held over the week. Of the Melbourne sub-regions, the highest clearance rate was recorded across the North East region, with preliminary results showing 85.5 per cent of the 91 auctions were successful.

Sydney’s preliminary clearance rate this week was 83.5 per cent across 661 auction results. There were a total of 844 auctions held across the city. Looking back at the same weekend last year, 800 auctions were held across Sydney and a clearance rate of 76.5 per cent was recorded. The North Sydney and Hornsby region hosted the most auctions of any Sydney sub-region this week, with 137 properties taken to auction. The preliminary clearance rate for the region is 89.8 per cent across 108 results.

Brisbane’s preliminary clearance rate this week was 50.6 per cent, decreasing from 53.1 per cent last week. There were 117 Brisbane auctions this week, compared to 131 last week. The Gold Coast was host to 59 auctions this week. Based on the 42 results reported to CoreLogic so far, 50.0 per cent were successful.

Adelaide recorded a clearance rate of 68.9 per cent across 86 auctions this week, up from 66.7 per cent across a higher volume of auctions last week (91). At the same time last year, 112 homes were taken to auction, with 64.6 per cent recording a successful result.

Perth’s clearance rate of 36.8 per cent across 41 auctions is up from the previous week, when 74 auctions were held and a clearance rate of 25.0 per cent was recorded.  Over the same week last year, the clearance rate was a lower 41.0 per cent, and 42 auctions were held.

Canberra’s preliminary auction clearance rate of 81.5 per cent this week is consistent with last week, when the final auction clearance rate was 81.5 per cent and higher than the 61.9 per cent recorded last year.

Tasmania saw 5 auctions take place this week, 3 results have been reported so far, with 1 sale.

 

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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