INDUSTRY NEWSNationalReal Estate News

A rise in the combined capital city auction volumes post Easter delivering softer clearance rates

Volumes rise across the combined capital cities and return a clearance rate of 72.1 percent

National auction clearance results for the week ending 23/04/2017 courtesy of CoreLogic

Auction activity increased significantly across the combined capital cities this week after last week’s Easter period slowdown, with 1,732 homes taken to market and a preliminary clearance rate of 72.1 percent, down from 73.9 percent last week across fewer auctions (493). Melbourne saw the most significant increase in activity, with volumes increasing from 102 last week to 823 this week, also returning the highest clearance rate of all the capital cities (76.8 percent). Both clearance rate and volumes are higher than what was seen over the corresponding week last year, when 69.7 percent of the 1,565 auctions cleared.

Across Melbourne, this week’s preliminary clearance rate was recorded at 76.8 percent, decreasing from 81.3 percent last week, however higher than what was seen over the same period last year (71.5 percent). This week, Melbourne was host to 823 auctions, rising from the 102 held last week and also higher than a year ago when there were 602 Melbourne auctions held over the week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the Inner East. So far, CoreLogic has collected 58 results for the region and the preliminary result shows 86.2 percent of these auctions were successful.

In Sydney, 585 auctions were held this week, up from 279 over the previous week. The preliminary clearance rate of 75.8 percent is down from 77.0 percent last week and also lower than this time last year, when a clearance rate of 77.4 percent was recorded across 643 auctions. Looking at the sub-regions of Sydney, the Ryde region recorded the strongest clearance rate of 95.7 percent across 29 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (77).

There were 134 Brisbane auctions this week with a preliminary clearance rate of 45.8 percent, having increased from 42.3 percent last week across 32 auctions and higher than one year ago when there were 130 auctions with a success rate of 37.6 percent. The Gold Coast’s preliminary clearance rate was 40.0 percent across 20 results this week.

This week, Adelaide saw a preliminary clearance rate of 64.0 percent, with 50 reported results across a total of 98 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 67.6 percent and 59.5 percent one year ago.

There were 30 Perth auctions this week and so far 9 results have been reported, with 64.0 percent selling. Last week there was a 33.3 percent clearance rate for Perth.

Across Canberra, a total of 54 auctions were held this week, compared to 30 last week and 56 at the same time last year. Canberra’s preliminary clearance rate of 70.2 percent is lower than it was the previous week (75.0 percent).

There were 8 Tasmanian auctions held this week. 2 were reported as sold.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 10am EDST 23/04/2017):

  • Sydney – 75.8% clearance, 585 total auctions, 462 results reported, 350 cleared, 112 uncleared
  • Melbourne – 76.8% clearance, 823 total auctions, 724 results reported, 556 cleared, 168 uncleared
  • Brisbane – 45.8% clearance, 134 total auctions, 96 results reported, 44 cleared, 52 uncleared
  • Adelaide – 64% clearance, 98 total auctions, 50 results reported, 32 cleared, 18 uncleared
  • Perth – 22.2% clearance, 30 total auctions, 9 results reported, 2 cleared, 7 uncleared
  • Tasmania – 66.7% clearance, 8 total auctions, 3 results reported, 2 cleared, 1 uncleared
  • Canberra – 70.2% clearance, 54 total auctions, 47 results reported, 33 cleared, 14 uncleared
    Combined national preliminary result – 73.3% clearance, 1732 total auctions (1391 reported, 1019 cleared.)

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.

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: newsroom@eliteagent.com