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Spring Selling auction volumes continue to rise across the combined capital cities

Auction volumes increase across all but one of the capital cities this week, returning a preliminary clearance rate of 70.7 percent across 2,759 auctions

Story Highlights
  • • Combined capital preliminary clearance rate of 70.7 percent (final clearance rate last week 66.7 percent)
  • • Auction volumes higher with 2759 properties taken to auction (up from 2510 last week)
  • • 12 months ago, 2489 were auctions held with a combined clearance rate of 75.4 percent

National auction clearance results for the week ending 24/09/2017 courtesy of CoreLogic

Auction volumes have increased across all but one of the capital cities this week with a total of 2,759 homes taken to auction, making it the busiest week for auctions since the end of May. So far, 2,226 results have been reported to CoreLogic, returning a preliminary clearance rate of 70.7 percent, up from last week’s final clearance rate of 66.7 percent across 2,510 auctions. The final clearance rate across the combined capital cities has been holding around 66 percent for the last 3 weeks so it will be interesting to see if this is the case again on Thursday once the remaining results have been collected. One year ago, the final auction clearance rate was recorded at 75.4 percent and there were 2,480 auctions held across the capital cities.

Melbourne was host to 1,359 auctions this week and so far, 1,140 results have been reported, returning a preliminary clearance rate of 73.9 percent, while last week, 1,265 auctions were held and a final clearance rate of 71.4 percent was recorded. At the same time last year, Melbourne’s clearance rate was 77.2 percent across 1,103 auctions. Looking at the sub-regions, the Inner region was the busiest for auctions across Melbourne, with 273 homes going up for auction. Preliminary results show that 72.0 percent of the 239 reported results were successful. The North West region recorded the strongest clearance rate of 85.4 percent across 101 auctions.

Sydney’s preliminary auction clearance rate was 71.5 percent across 1,014 auctions this week, after last week saw the final clearance rate slip below 65 percent for the first time this year (64.2 percent across 916 auctions), although as usual this is likely to revise lower over the next few days as more results are collected. The current clearance rate across Sydney is significantly lower than this time last year when 80.4 percent of the 946 auctions held were successful. There were 7 Sydney sub-regions that recorded an individual clearance rate higher than the city as a whole this week. Northern Beaches (84.7 percent), Central Coast (84.6 percent) and Ryde (84.6 percent) had the highest clearance rates.

Across Brisbane the preliminary clearance rate was 51.5 percent this week. There have been 99 auctions reported to CoreLogic, with a total of 125 held across the city, down from 133 last week. For the Gold Coast, 16 results have been reported with a success rate of 37.5 percent.

There were 122 Adelaide auctions this week, compared to 100 last week and 131 at the same time last year. The cities preliminary clearance rate this week was 60.6 percent, down from 68.2 percent last week and lower than one year ago (78.2 percent).

Perth’s clearance rate of 36.0 percent across 25 auction results is similar to last week, when 33 auctions were held and a clearance rate of 35.7 percent was recorded. Over the same week last year, the clearance rate was a lower 29.5 percent, and 50 auctions were held.

In Canberra, 69.2 percent of the 78 reported auction results for Canberra were sold this week, down from 71.9 percent last week and higher than last year (68.4 percent).

There were 3 Tasmanian auctions reported to CoreLogic this week, with 2 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 24/09/2017):

  • Sydney – 71.5% clearance, 1014 total auctions, 787 results reported, 563 cleared, 224 uncleared
  • Melbourne – 73.9% clearance, 1359 total auctions, 1140 results reported, 843 cleared, 297 uncleared
  • Brisbane – 51.5% clearance, 125 total auctions, 99 results reported, 51 cleared, 48 uncleared
  • Adelaide – 60.6% clearance, 122 total auctions, 94 results reported, 57 cleared, 37 uncleared
  • Perth – 36% clearance, 45 total auctions, 25 results reported, 9 cleared, 16 uncleared
  • Tasmania – 66.7% clearance, 6 total auctions, 3 results reported, 2 cleared, 1 uncleared
  • Canberra – 69.2% clearance, 88 total auctions, 78 results reported, 54 cleared, 24 uncleared
    Combined national preliminary result – 70.9% clearance, 2759 total auctions (2226 reported, 1579 cleared). Weighted average clearance rate 70.7%

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.

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