Auction volumes surge past 2,000 for the first time this year across Australia’s combined capital cities, with CoreLogic’s preliminary clearance rate reaching 77 percent.
National auction clearance results for the week ending 19/02/2017 courtesy of CoreLogic
The combined capital city preliminary clearance rate remained in the high 70 percent range over the week, despite auction volumes reaching the highest level so far this year. There were 2,280 dwellings taken to auction this week, significantly increasing from 1,591 over the previous week, with 77.0 percent of auctions reported as successful. The larger number of auctions was driven by a substantial rise across the Sydney and Melbourne markets, while the number of auctions held actually saw a decrease across the smaller capital cities over the week. The strongest clearance rates, based on preliminary data, were in Sydney and Canberra, where 83.5 percent and 81.5 percent of auctions returned a successful result. Melbourne also recorded a strong preliminary clearance rate, with 76.7 percent of auctions clearing. The preliminary combined capital city clearance rate was higher this week than what was seen over the same period last year, however, the number of auctions held was lower, with 2,347 auctions held over the same week last year, returning a 71.8 percent clearance rate.
Across Melbourne, this week’s preliminary clearance rate was recorded at 76.7 percent, up from 75.9 percent last week and also higher the clearance rate recorded over the same week last year (74.1 percent). This week, Melbourne was host to 1,103 auctions, higher than the 556 held last week, and only marginally lower than what was seen one year ago, when there were 1,105 Melbourne auctions held over the week. Of the Melbourne sub-regions, the highest clearance rate was recorded across the North East region, with preliminary results showing 85.5 percent of the 91 auctions were successful.
Sydney’s preliminary clearance rate this week was 83.5 percent across 661 auction results. There were a total of 844 auctions held across the city. Looking back at the same weekend last year, 800 auctions were held across Sydney and a clearance rate of 76.5 percent was recorded. The North Sydney and Hornsby region hosted the most auctions of any Sydney sub-region this week, with 137 properties taken to auction. The preliminary clearance rate for the region is 89.8 percent across 108 results.
Brisbane’s preliminary clearance rate this week was 50.6 percent, decreasing from 53.1 percent last week. There were 117 Brisbane auctions this week, compared to 131 last week. The Gold Coast was host to 59 auctions this week. Based on the 42 results reported to CoreLogic so far, 50.0 percent were successful.
Adelaide recorded a clearance rate of 68.9 percent across 86 auctions this week, up from 66.7 percent across a higher volume of auctions last week (91). At the same time last year, 112 homes were taken to auction, with 64.6 percent recording a successful result.
Perth’s clearance rate of 36.8 percent across 41 auctions is up from the previous week, when 74 auctions were held and a clearance rate of 25.0 percent was recorded. Over the same week last year, the clearance rate was a lower 41.0 percent, and 42 auctions were held.
Canberra’s preliminary auction clearance rate of 81.5 percent this week is consistent with last week, when the final auction clearance rate was 81.5 percent and higher than the 61.9 percent recorded last year.
Tasmania saw 5 auctions take place this week, 3 results have been reported so far, with 1 sale.
Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 19/02/2017):
- Sydney – 83.5% clearance, 844 total auctions, 661 results reported, 552 cleared, 109 uncleared
- Melbourne – 76.7% clearance, 1103 total auctions, 958 results reported, 735 cleared, 223 uncleared
- Brisbane – 50.6% clearance, 117 total auctions, 81 results reported, 41 cleared, 40 uncleared
- Adelaide – 68.9% clearance, 86 total auctions, 61 results reported, 42 cleared, 19 uncleared
- Perth – 36.8% clearance, 41 total auctions, 19 results reported, 7 cleared, 12 uncleared
- Tasmania – 33.3% clearance, 5 total auctions, 3 results reported, 1 cleared, 2 uncleared
- Canberra – 81.5% clearance, 84 total auctions, 27 results reported, 22 cleared, 5 uncleared