Capital city preliminary clearance rate rises to 80.8 per cent, with auction activity across the capitals significantly lower

This week 1,402 auctions were held across the combined capital cities, significantly lower than the 2,907 held last week and lower than one year ago (1,488). Four out of the eight states and territories have a public holiday this coming Monday which has been a key factor in the fall in auction volumes. The combined capital city clearance rate rose this week, up from 74.6 per cent last week to 80.8 per cent this week. The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise, with Sydney at 83.1 per cent and Melbourne at 84.3 per cent, while the highest clearance rate was in Adelaide where 87.0 per cent of auctions cleared over the weekend.  One year ago, the combined capital city clearance rate was a lower 64.9 per cent.

Only 355 Melbourne auctions were held this week with a preliminary clearance rate of 84.3 per cent. This week’s result shows a rise in the clearance rate for the city, after Melbourne’s final clearance rate was recorded at 78.4 per cent last week. Over the same week last year, Melbourne’s clearance rate was 68.6 per cent across 420 auctions. Of the Melbourne sub-regions, the highest clearance rate was recorded across the Inner South region, with preliminary results showing 92.9 per cent of the 14 results were successful, followed by the Inner East where 92.5 per cent of auctions cleared.

Sydney was the busiest capital city auction market this week, with 766 auctions held and a preliminary clearance rate of 83.1 per cent. Looking at final numbers for last week, 76.0 per cent of Sydney auctions were successful, while one year ago the clearance rate was 71.2 per cent, weaker than the current results for the city. Sydney’s strongest performing sub-regions this week were Ryde (94.6 per cent), Northern Beaches (90.9 per cent) and North Sydney and Hornsby (90.2 per cent).

With no public holiday on Monday for Brisbane, auction activity remained relatively stable, with 126 auctions held across the city, down from 158 last week and 152 one year ago. The clearance rate increased from 55.3 per cent last week to 61.1 per cent this week, while at the same time last year, just 38.5 per cent of reported Brisbane auctions were sold. Across the Gold Coast, 45 auctions were held this week and preliminary results show that 46.7 per cent of the 30 reported results were successful.

In Adelaide, an 87.0 per cent preliminary result was recorded this week across 82 auctions. Last week, 147 Adelaide auctions returned a clearance rate of 68.6 per cent for the city, while at the same time last year 51.6 per cent of Adelaide’s auctions cleared across 95 auctions.

Perth’s preliminary clearance rate was 44.4 per cent this week, up from 28.6 per cent last week. This week 28 Perth homes were auctioned, while 9 results have been reported so far. At the same time last year, 42.4 per cent of Perth auctions cleared.

Across Canberra, 42 homes were taken to auction this week. Preliminary results show a clearance rate of 83.3 per cent, up from 70.9 per cent the previous week.

So far 2 of the 3 Tasmanian results have been reported 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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