Auction markets continue their strong run, with the number of auctions recorded at the second highest level this year and clearance rates remaining above 70 percent for the 20th successive week
Auction activity does not appear to be slowing through the festive period, with auction numbers reaching the highest level since March earlier this year. There were 3,411 auctions held over the past week, returning a preliminary clearance rate of 74.6 percent, which is up from last week’s 72.3 percent final result and substantially higher than the equivalent period last year (58.2 percent). The combined capitals clearance rate has been tracking above 70 percent consistently over the past 20 weeks, with the clearance rate has been higher than 75 percent over 11 of the past 20 weeks. The last time the combined capital city clearance rate was tracking over 70 percent over the given period was in 2009. Across Australia’s two largest markets in Sydney and Melbourne, clearance rates rose this week, with preliminary results showing 77.4 percent and 80.2 percent respectively.
In Melbourne, the preliminary auction clearance rate increased this week, with results showing 80.2 percent of the 1,683 recorded auctions were successful. Last week, Melbourne’s final clearance rate was recorded at 77.3 percent across 1,416 auctions, while this time last year, 1,572 properties were taken to auction across Melbourne and a clearance rate of 64.9 percent was recorded. The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 337 and 214 auctions were held respectively.
Sydney’s preliminary clearance rate this week was 77.4 percent across 922 auction results. There were a total of 1,157 auctions held across the city. This is higher than the corresponding week last year, when 891 auctions were held across Sydney and a clearance rate of 54.7 percent was recorded. North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 177 properties taken to auction. The preliminary clearance rate for the region is 83.7 percent across 135 results.
There were 203 Brisbane auctions this week with a preliminary clearance rate of 48.1 percent, this is higher than the 42.7 percent recorded last week across 204 auctions, and also higher than one year ago when there were 180 auctions with a success rate of 41.9 percent. The Gold Coast’s preliminary clearance rate was 20.0 percent across 35 results this week.
Adelaide recorded a clearance rate of 66.0 percent across 151 auctions this week, up from 65.3 percent across 165 auctions last week. At the same time last year, 154 homes were taken to auction, with 49.3 percent recording a successful result.
In Perth, 76 auctions took place this week, with 42 results reported so far. Perth’s preliminary clearance rate of 26.2 percent across these 42 results is lower than both last week’s result (55.1 percent) and the clearance rate from one year ago (36.2 percent).
Canberra’s preliminary auction clearance rate of 64.9 percent this week is higher than last week, when the final auction clearance rate was 60.6 percent and also higher than the 48.6 percent recorded last year.
Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 11/12/2016):
- Sydney – 77.4% clearance, 1,157 total auctions, 922 results reported, 714 cleared, 208 uncleared
- Melbourne – 80.2% clearance, 1,683 total auctions, 1,445 results reported, 1,159 cleared, 286 uncleared
- Brisbane – 48.1% clearance, 203 total auctions, 129 results reported, 62 cleared, 66 uncleared
- Adelaide – 66.0% clearance, 151 total auctions, 97 results reported, 64 cleared, 33 uncleared
- Perth – 26.2% clearance, 76 total auctions, 42 results reported, 11 cleared, 31 uncleared
- Tasmania – 23.1% clearance, 23 total auctions, 13 results reported, 3 cleared, 10 uncleared
- Canberra – 64.9% clearance, 118 total auctions, 94 results reported, 61 cleared, 33 uncleared.