Auction markets continue their strong run of high clearance rates after the second busiest week for auctions so far this year
Auction volumes increased with 3,367 properties taken to auction this week. This was the second highest number of reported auctions this year for the combined capital cities, up from 2,987 over the previous week. Despite the surge in auction numbers, market volume is still significantly lower than the corresponding week last year (3,729). The preliminary auction clearance rate, despite the increase in volume, remains strong (76.0 per cent), up from last week’s final of 74.4 per cent and also higher than equivalent week last year (60.1 per cent). Every capital city except Perth and Canberra are showing auction numbers to be lower than a year ago, while every capital has recorded a higher clearance rate compared with last year.
Melbourne’s preliminary clearance rate this week is at 76.9 percent (down from the final result last week of 79.4 percent) on what is the second highest number of auctions held this year of 1,618 held over the week, a significant increase over 1,303 held last week. Over the corresponding period last year, the clearance rate was significantly lower at 65.9 percent but the volumes were much higher at 1,876 auctions. The North East region of Melbourne was the best performer in terms of number of auctions CoreLogic had collected (172) with 82 percent of these auctions being reported as successful so far.
Sydney’s preliminary clearance rate of 81.9 percent is up from last week’s final clearance rate of 79.6 percent. Volumes like Melbourne were up about 20 percent from last week with 1,236 auctions held this week compared to 1,082 last week. Also, as with Melbourne, the results last year had a lower clearance rate but higher volumes (56.2 percent and 1,306 auctions). This week, the performance across Sydney’s individual sub regions was varied. Across the Inner West region, where 86 results have been reported so far, the preliminary clearance rate was 90.7 per cent, while across Outer South West (69.2 per cent), Parramatta (68.7 per cent) and South West (59.3 per cent) the success rate of reported auctions was lower.
Brisbane’s preliminary clearance rate results are up from last week with 190 properties reportedly going under the hammer. 114 of these have been reported so far with a preliminary clearance rate of 53.5 percent up from last week’s final clearance rate of 45.2 percent but down on volume where 260 auctions were reported last week.
Adelaide preliminary results are again steady at 66.3 percent cleared compared to a final result last week of 66.0 percent on a similar number of properties going to auction during the week where 140 were reported this week compared to 137 last week.
Perth and Canberra preliminary results are also steady when compared to last weeks final results
Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 20/11/2016):
- Sydney – 81.9% clearance, 1,236 total auctions, 967 results reported, 792 cleared, 175 uncleared
- Melbourne – 76.9% clearance, 1,618 total auctions, 1,385 results reported, 1,065 cleared, 320 uncleared
- Brisbane – 53.5% clearance, 190 total auctions, 114 results reported, 61 cleared, 53 uncleared
- Adelaide – 66.3% clearance, 140 total auctions, 92 results reported, 61 cleared, 31 uncleared
- Perth – 36.7% clearance, 65 total auctions, 30 results reported, 11 cleared, 19 uncleared
- Tasmania – 80% clearance, 6 total auctions, 5 results reported, 4 cleared, 1 uncleared
- Canberra – 72.2% clearance, 112 total auctions, 97 results reported, 70 cleared, 27 uncleared.