Auction volumes increase with clearance rates remaining representative of the state of the market.

There were 2,490 auctions held across the combined capital cities this week, up from 2,258 last week, making it the busiest week for auctions since the beginning of June. Based on preliminary results, the combined capital city clearance rate was recorded at70.3 percent this week, up from 66.9 percent last week, although this will likely revise lower over the next few days as the remaining results are collected. Over the corresponding week last year, auction volumes were lower, with 2,149 properties taken to auction and a clearance rate of 76.2 percent was recorded. Melbourne had the highest number of auctions this week, with 1,268 auctions held, and a higher preliminary clearance rate week-on-week (73.6 percent), while the highest preliminary clearance rate was recorded in Adelaide (75.0 percent across 72 reported auctions).

There were 1,268 auctions held in Melbourne this week with a preliminary clearance rate of 73.6 percent. This week’s result shows a rise in the clearance rate for the city, after Melbourne’s final clearance rate was recorded at 71.8 percent last week. Over the same week last year, Melbourne’s clearance rate was 77.8 percent across 965 auctions. Of the Melbourne sub-regions, just 3 of the 9 regions recorded clearance rates above 75 percent, with the highest clearance rate recorded across the North East, where preliminary results are showing 83.5 percent of the 133 results were successful, followed by the Mornington Peninsula where 82.4 percent of auctions cleared.

In Sydney, 897 auctions were held this week, up from 826 over the previous week. The preliminary clearance rate of 69.4 percent is up from 65.8 percent last week, however much lower than this time last year, when a clearance rate of 81.6 percent was recorded across 815 auctions. The clearance rate for Sydney is yet to drop below 65.0 percent this year so it will be interesting to see how the clearance rate holds up on Thursday when the final figures are released. Looking at the sub-regions of Sydney, the Sutherland region recorded the strongest clearance rate of 81.3 percent across 41 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (160).

There were 132 Brisbane homes taken to auction this week, with 98 results reported so far. The preliminary clearance rate for the city is 49.0 percent, up from 38.8 percent last week and higher than one year ago, when 48.4 percent of the 141 properties taken to auction were successful. Across the Gold Coast, 27 results have been reported so far, with a success rate of 48.2 percent.

This week, Adelaide saw a preliminary clearance rate of 75.0 percent, with 72 reported results across a total of 98 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 66.2 percent and 74.7 percent one year ago.

There were 33 Perth auctions this week and so far, 17 results have been reported, with 35.3 percent selling. Last week there was a 41.7 percent clearance rate for Perth.

Across Canberra a total of 62 auctions were held this week, compared to 72 last week and 87 at the same time last year. Canberra’s preliminary clearance rate of 73.1 percent is higher than it was the previous week (70.1 percent).

There were no Tasmanian auctions held this week.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 17/09/2017):

• Sydney – 69.4% clearance, 897 total auctions, 684 results reported, 475 cleared, 209 uncleared
• Melbourne – 73.6% clearance, 1268 total auctions, 1101 results reported, 810 cleared, 291 uncleared
• Brisbane – 49% clearance, 132 total auctions, 98 results reported, 48 cleared, 50 uncleared
• Adelaide – 75% clearance, 98 total auctions, 72 results reported, 54 cleared, 18 uncleared
• Perth – 35.3% clearance, 33 total auctions, 17 results reported, 6 cleared, 11 uncleared
• Tasmania – No actions recorded/reported
• Canberra – 73.1% clearance, 62 total auctions, 52 results reported, 38 cleared, 14 uncleared
  Combined national preliminary result – 70.7% clearance, 2490 total auctions (2024 reported, 1431 cleared). Weighted average clearance rate 70.3%

Last week’s preliminary results as reported are here

^{The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects between 85% and 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.}