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Capital city preliminary auction clearance rate rises to 80.8 percent on half the volume

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

National auction clearance results for the week ending 12/03/2017 courtesy of CoreLogic

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 percent last week to 80.8 percent this week. The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise, with Sydney at 83.1 percent and Melbourne at 84.3 percent, while the highest clearance rate was in Adelaide where 87.0 percent of auctions cleared over the weekend. One year ago, the combined capital city clearance rate was a lower 64.9 percent.

Only 355 Melbourne auctions were held this week with a preliminary clearance rate of 84.3 percent. 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 percent last week. Over the same week last year, Melbourne’s clearance rate was 68.6 percent 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 percent of the 14 results were successful, followed by the Inner East where 92.5 percent 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 percent. Looking at final numbers for last week, 76.0 percent of Sydney auctions were successful, while one year ago the clearance rate was 71.2 percent, weaker than the current results for the city. Sydney’s strongest performing sub-regions this week were Ryde (94.6 percent), Northern Beaches (90.9 percent) and North Sydney and Hornsby (90.2 percent).

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 percent last week to 61.1 percent this week, while at the same time last year, just 38.5 percent of reported Brisbane auctions were sold. Across the Gold Coast, 45 auctions were held this week and preliminary results show that 46.7 percent of the 30 reported results were successful.

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

Perth’s preliminary clearance rate was 44.4 percent this week, up from 28.6 percent 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 percent of Perth auctions cleared.

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

So far 2 of the 3 Tasmanian results have been reported with 1 sale.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 12/03/2017):

  • Sydney – 83.1% clearance, 766 total auctions, 626 results reported, 520 cleared, 106 uncleared
  • Melbourne – 84.3% clearance, 355 total auctions, 286 results reported, 241 cleared, 45 uncleared
  • Brisbane – 61.1% clearance, 126 total auctions, 90 results reported, 55 cleared, 35 uncleared
  • Adelaide – 87% clearance, 82 total auctions, 54 results reported, 47 cleared, 7 uncleared
  • Perth – 44.4% clearance, 28 total auctions, 9 results reported, 4 cleared, 5 uncleared
  • Tasmania – 50% clearance, 3 total auctions, 2 results reported, 1 cleared, 1 uncleared
  • Canberra – 83.3% clearance, 42 total auctions, 30 results reported, 25 cleared, 5 uncleared
    Combined national preliminary result – 81% clearance, 1402 total auctions (1097 reported, 893 cleared.)

Last week’s results here

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