Auction volumes decrease across the combined capital cities returning a 64.2 percent preliminary clearance rate

National auction clearance results for the week ending 17/12/2017 courtesy of CoreLogic.

The number of homes taken to auction fell this week, after the surge in activity recorded over the 4 weeks prior when volumes remained consistently above the 3,000 level. There were a total of 2,865 auctions held this week, down on last week when 3,371 auctions where held across the capitals and only slightly higher than volumes from the same week one year ago (2,735). Melbourne and Sydney both cities saw an increase in preliminary clearance rates this week, with 67.3 percent and 60.8 percent of auctions clearing which was up on the previous week when both cities recorded their lowest clearance rates of the year. The smaller auction markets returned varied results this week, with Adelaide recording the highest preliminary auction clearance rate of 70.1 percent, while only 43.3 percent of auctions sold in Perth.

In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 67.3 percent was recorded across 1,628 auctions this week. Last week, Melbourne’s final clearance rate was recorded at 65.4 percent across 1,833 auctions, while this time last year, 1,288 properties were taken to auction across Melbourne and a clearance rate of 73.9 percent was recorded. The busiest Melbourne sub-regions this week were Melbourne’s West region and the North East region, where 307 and 248 auctions were held respectively.

Sydney’s preliminary clearance rate this week was 60.8 percent across 690 auctions, increasing on last week’s 52.0 percent across 1,007. Over the same week one year ago, 878 auctions were held across Sydney and a clearance rate of 71.4 percent was recorded. Sydney’s Inner South West hosted the most auctions of any Sydney sub-region this week, with 94 properties taken to auction. The preliminary clearance rate for the region is 52.5 percent across 59 results.

There were 196 Brisbane auctions this week with a preliminary clearance rate of 54.8 percent, having increased from 43.7 percent last week across 186 auctions and higher than one year ago when there were 234 auctions with a success rate of 42.6 percent. The Gold Coast’s preliminary clearance rate was 40.0 percent across 25 results this week.

This week, Adelaide saw a preliminary clearance rate of 70.1 percent, with 107 reported results across a total of 152 scheduled auctions, increasing on last week’s 65.2 percent and the 58.4 percent one year ago.

There were 66 Perth auctions this week and so far 30 results have been reported, with just 43.3 percent selling. Last week there was a 32.1 percent clearance rate across 62 auctions.

Across Canberra, a total of 122 auctions were held this week, compared to 106 last week and 131 at the same time last year. Canberra’s preliminary clearance rate of 63.4 percent is lower than it was the previous week (64.0 percent).

There were only 11 Tasmanian auctions held this week. 4 were reported as sold.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 17/12/2017):

• Sydney – 60.8% clearance, 690 total auctions, 482 results reported, 293 cleared, 189 uncleared
• Melbourne – 67.3% clearance, 1628 total auctions, 1366 results reported, 919 cleared, 447 uncleared
• Brisbane – 54.8% clearance, 196 total auctions, 146 results reported, 80 cleared, 66 uncleared
• Adelaide – 70.1% clearance, 152 total auctions, 107 results reported, 75 cleared, 32 uncleared
• Perth – 43.3% clearance, 66 total auctions, 30 results reported, 13 cleared, 17 uncleared
• Tasmania – 44.4% clearance, 11 total auctions, 9 results reported, 4 cleared, 5 uncleared
• Canberra – 63.4% clearance, 122 total auctions, 101 results reported, 64 cleared, 37 uncleared
  Combined national preliminary result – 64.6% clearance, 2865 total auctions (2241 reported, 1448 cleared). Weighted average clearance rate 64.2%

Last week’s preliminary results as reported are here

^{The above results are preliminary, with ‘final’ auction clearance rates published each Thursday by CoreLogic. 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.}