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Preliminary clearance rate and auction volumes increase across the combined capital cities

Preliminary clearance rate and auction volumes increase across the combined capital cities

National auction clearance results for the week ending 19/03/2017 courtesy of CoreLogic

The capital city clearance rate increased this week, with preliminary results showing that 76.2 percent of reported auctions across the combined capital cities were successful, compared to 75.1 percent last week and 68.8 percent one year ago. Auction activity increased over the week with 2,844 homes taken to auction, up from 1,473 last week; however this time last year, volumes were higher with 3,540 properties taken to auction. Each individual capital city market has seen a rise in auction volumes over the week, while clearance rates have been somewhat varied. The highest preliminary clearance rate was in Sydney where 83.9 percent of auctions cleared over the week, followed by Canberra at 76.6 percent.

Melbourne was the busiest city for auctions this week, with 1,415 homes going under the hammer. Of the 1,059 reported auctions, 804 were successful, representing a preliminary clearance rate of 75.9 percent. Last week, Melbourne’s clearance rate was 79.6 percent across 385 auctions, while last year 72.1 percent of the 1,788 auctions held were successful. The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 204 and 145 auctions were held respectively. Meanwhile, the strongest clearance rate was recorded across the North West region, where 89.2 percent of auctions were successful based on 74 results.

This week, 962 Sydney homes were auctioned and preliminary results show 83.9 percent were successful, representing a rise from 77.8 percent last week across 803 auctions. One year ago, 1,114 auctions were held across Sydney and a clearance rate of 71.8 percent was recorded. Looking at the sub-regions of Sydney, the Baulkham Hills and Hawkesbury and Ryde regions recorded the strongest clearance rate of 92.9 percent across 23 and 50 auctions respectively, followed by Eastern Suburbs (92.7 percent), while the North Sydney and Hornsby region had the highest volume of auctions (165).

There were 175 Brisbane homes taken to auction this week, with 79 results reported so far. The preliminary clearance rate for the city is 49.4 percent, down from 55.8 percent last week and similar to one year ago, when 49.6 percent of the 284 properties taken to auction were successful. Across the Gold Coast 22 results have been reported so far, with a success rate of 54.6 percent (12 sales).

Adelaide recorded a clearance rate of 64.7 percent across 105 auctions this week, down from 73.6 percent across 87 auctions last week. At the same time last year, 145 homes were taken to auction, with 67.6 percent recording a successful result.

Perth’s clearance rate of 60.0 percent across 58 auctions is up from the previous week, when 26 auctions were held and a clearance rate of 39.1 percent was recorded. Over the same week last year, the clearance rate was a lower 36.2 percent, and 81 auctions were held.

In Canberra, 113 auctions were held this week, and of the 64 reported results, 76.6 percent were successful. Last week, 45 auctions were held and the clearance rate was a lower 67.4 percent. This time last year, 119 auctions were held and a clearance rate of 67.8 percent was recorded.

Tasmania was host to 16 auctions this week and so far 9 have been reported with 6 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 19/03/2017):

  • Sydney – 83.9% clearance, 962 total auctions, 578 results reported, 485 cleared, 93 uncleared
  • Melbourne – 75.9% clearance, 1415 total auctions, 1059 results reported, 804 cleared, 255 uncleared
  • Brisbane – 49.4% clearance, 175 total auctions, 79 results reported, 39 cleared, 40 uncleared
  • Adelaide – 64.7% clearance, 105 total auctions, 51 results reported, 33 cleared, 18 uncleared
  • Perth – 60% clearance, 58 total auctions, 20 results reported, 12 cleared, 8 uncleared
  • Tasmania – 66.7% clearance, 16 total auctions, 9 results reported, 6 cleared, 3 uncleared
  • Canberra – 76.6% clearance, 113 total auctions, 64 results reported, 49 cleared, 15 uncleared
    Combined national preliminary result – 77% clearance, 2844 total auctions (1860 reported, 1428 cleared.)

Last week’s results 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.

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