Volumes rise across the combined capital cities and return a clearance rate of 72.1 per cent

Auction activity increased significantly across the combined capital cities this week after last week’s Easter period slowdown, with 1,732 homes taken to market and a preliminary clearance rate of 72.1 per cent, down from 73.9 per cent last week across fewer auctions (493).  Melbourne saw the most significant increase in activity, with volumes increasing from 102 last week to 823 this week, also returning the highest clearance rate of all the capital cities (76.8 per cent). Both clearance rate and volumes are higher than what was seen over the corresponding week last year, when 69.7 per cent of the 1,565 auctions cleared.

Across Melbourne, this week’s preliminary clearance rate was recorded at 76.8 per cent, decreasing from 81.3 per cent last week, however higher than what was seen over the same period last year (71.5 per cent). This week, Melbourne was host to 823 auctions, rising from the 102 held last week and also higher than a year ago when there were 602 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 Inner East. So far, CoreLogic has collected 58 results for the region and the preliminary result shows 86.2 per cent of these auctions were successful.

In Sydney, 585 auctions were held this week, up from 279 over the previous week. The preliminary clearance rate of 75.8 per cent is down from 77.0 per cent last week and also lower than this time last year, when a clearance rate of 77.4 per cent was recorded across 643 auctions. Looking at the sub-regions of Sydney, the Ryde region recorded the strongest clearance rate of 95.7 per cent across 29 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (77).

There were 134 Brisbane auctions this week with a preliminary clearance rate of 45.8 per cent, having increased from 42.3 per cent last week across 32 auctions and higher than one year ago when there were 130 auctions with a success rate of 37.6 per cent. The Gold Coast’s preliminary clearance rate was 40.0 per cent across 20 results this week.

This week, Adelaide saw a preliminary clearance rate of 64.0 per cent, with 50 reported results across a total of 98 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 67.6 per cent and 59.5 per cent one year ago.

There were 30 Perth auctions this week and so far 9 results have been reported, with 64.0 per cent selling. Last week there was a 33.3 per cent clearance rate for Perth.

Across Canberra a total of 54 auctions were held this week, compared to 30 last week and 56 at the same time last year. Canberra’s preliminary clearance rate of 70.2 per cent is lower than it was the previous week (75.0 per cent).

There were 8 Tasmanian auctions held this week. 2 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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