Auction markets continue their strong run with the weighted preliminary clearance rate holding well above 70% for the 15th week running.
Auction activity has continued to rise through in the final month of spring, however, the number of auctions remains well below the highs recorded a year ago. The preliminary clearance rate was 77.5% across 2,490 reported auction results. This is higher than last week’s final clearance rate of 74.4 per cent, with auction volumes increasing compared to the 2,253 Capital city auctions reported last week. Over the corresponding week last year, auctions volumes were significantly higher with 2,947 auctions reported and a 61.4 percent clearance rate. The high rate of clearance is evident in the distinct markets, where Melbourne reported an 80.5 per cent clearance rate, up from the previous weeks 77.5 percent, also Sydney (82.1 per cent) and Canberra (79.5 per cent) producing high clearance rates week-on-week reporting above 80 and 70 percent respectively, four weeks in a row.
Numbers back up in Melbourne
Melbourne’s clearance rate increased to 80.5 percent this week and auction volumes also increased with 929 auctions held over the week, up from 632 over the previous week. Over the corresponding period last year, the clearance rate was 69.0 per cent across 1,204 auctions. Looking at Melbourne’s sub-regions, the Mornington Peninsula region was the best performer in terms of clearance rates, with a 90.6 percent success rate across 44 auctions, followed by the Inner East region, where 86.0 percent of the 112 auctions sold.
Sydney prelim clearances up, but total numbers down on last year
Sydney’s preliminary auction clearance rate was 82.1 percent this week. Last week, Sydney’s clearance rate was 80.5 per cent, while one year ago results show a significantly lower clearance rate of 58.4 per cent. In terms of the number of auctions across the city, this week volumes were slightly lower, down to 1,063 from 1,100 last week. One year ago 1,248 Sydney homes were taken to auction over the week. The Northern Beaches sub-region of Sydney has shown the strongest performance so far this week, with 92.1 percent of the 111 reported as sold.
Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 6/11/2016):
- Sydney – 82.1% clearance, 1,096 total auctions, 906 results reported, 765 cleared, 141 uncleared
- Melbourne – 80.5% clearance, 629 total auctions, 527 results reported, 414 cleared, 113 uncleared
- Brisbane – 54.1% clearance, 192 total auctions, 114 results reported, 60 cleared, 54 uncleared
- Adelaide – 68.1% clearance, 166 total auctions, 120 results reported, 90 cleared, 30 uncleared
- Perth – 31.8% clearance, 60 total auctions, 18 results reported, 9 cleared, 9 uncleared
- Tasmania – 66.7% clearance, 10 total auctions, 6 results reported, 1 cleared, 5 uncleared
- Canberra – 79.5% clearance, 93 total auctions, 76 results reported, 54 cleared, 22 uncleared.