Preliminary clearance rate increases to 71.7 percent, while auction volumes remain steady

National auction clearance results for the week ending 20/08/2017 courtesy of CoreLogic

Volumes continue to track higher than what was seen over the corresponding July-August period last year. Across the two largest markets, Melbourne’s preliminary clearance rate rose this week (77.7 percent), after last week’s final results saw a weakening in the rate of clearance, falling below 70 percent for the first time since July 16 (69.8 percent), while Sydney’s clearance rate also improved up to 70.8 percent this week, however volumes were lower week-on-week in Sydney, while Melbourne held more auctions this week than last.

Across Melbourne, this week’s preliminary clearance rate was recorded at 77.7 percent, increasing from last week when the final clearance rate for the city fell below 70.0 percent for the first time since July last year (69.8 percent), and also higher than the 75.4 percent one year ago. Melbourne was host to 997 auctions this week, higher than the 955 held last week, and higher than last year when there were 789 Melbourne auctions held over the week. Of the nine individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North East. So far, CoreLogic has collected 108 results for the region and the preliminary result shows 88.0 percent of these auctions were successful.

Across Sydney, 704 properties were taken to auction this week with a preliminary clearance rate of 70.8 percent across 558 reported results. Last week, the final clearance rate for the city was 67.6 percent, across 798 auctions. Over the corresponding week last year, 687 Sydney homes were taken to auction and the clearance rate was 84.3 percent. This week, the performance across Sydney’s individual sub regions was mixed. Across the South West region, where 42 results have been reported so far, the preliminary clearance rate was 61.9 percent, while across North Sydney and Hornsby, 77.9 percent of the 115 auctions cleared.

Brisbane’s preliminary auction clearance rate this week was 45.9 percent, increasing from 43.8 percent last week. There were 131 Brisbane auctions this week, compared to 103 last week. The Gold Coast was host to 52 auctions this week. Based on the results reported to CoreLogic so far, only 36.7 percent have been sold.

There were 34 Perth auctions this week and so far 17 results have been reported, with 47.1 percent selling. Last week there was a 39.1 percent clearance rate for Perth.

In Canberra, 68 auctions were held this week, and of the 61 reported results, 75.4 percent were successful. Last week, only 56 auctions were held and the clearance rate was a higher 87.0 percent. This time last year, results were lower with 49 auctions held and a clearance rate of 66.7 percent.

Of the 7 Tasmanian auction results reported so far this week, 2 sales have been recorded.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 20/08/2017):

• Sydney – 70.8% clearance, 704 total auctions, 558 results reported, 395 cleared, 163 uncleared
• Melbourne – 77.7% clearance, 997 total auctions, 888 results reported, 690 cleared, 198 uncleared
• Brisbane – 45.9% clearance, 131 total auctions, 85 results reported, 39 cleared, 46 uncleared
• Adelaide – 58.7% clearance, 100 total auctions, 63 results reported, 37 cleared, 26 uncleared
• Perth – 47.1% clearance, 34 total auctions, 17 results reported, 8 cleared, 9 uncleared
• Tasmania – 66.7% clearance, 7 total auctions, 3 results reported, 2 cleared, 1 uncleared
• Canberra – 75.4% clearance, 68 total auctions, 61 results reported, 46 cleared, 15 uncleared
  Combined national preliminary result – 72.7% clearance, 2041 total auctions (1675 reported, 1217 cleared). Weighted average clearance rate 71.7%

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.}