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Clearance rates continue to trend below 70 percent across the combined capitals on similar volumes as last week.

There have been 1,840 capital city auction results reported to CoreLogic so far this week, resulting in a preliminary auction clearance rate of 69.1 percent across the combined capital cities. There were a total of 2,323 capital city auctions held this week, down from the 2,444 held last week.

National auction clearance results for the week ending 25/06/2017 courtesy of CoreLogic

This week’s preliminary result indicates that clearance rates are continuing to soften after last week saw the final clearance rate surpass the previous week as the lowest recorded over the year to date across the combined capitals (66.7 percent). With results still being collected, it is likely that the final clearance rate this week will revise even lower again. However, compared to results from one year ago clearance rates are relatively similar with the 67.4 percent rate of clearance across a slightly lower volume of auctions (2,183).

Melbourne’s preliminary clearance rate increased to 71.9 percent this week, up from last week’s final of 71.0 percent, when the lowest clearance rate since July last year was recorded. Auction volumes decrease slightly with 1,050 auctions held over the week, down from 1,129 over the previous week. At the same time last year, the clearance rate was 68.3 percent across 1,085 auctions. Looking at Melbourne’s sub-regions, the Mornington Peninsula region was the best performer in terms of clearance rates, with an 87.2 percent success rate across 44 auctions, followed by the North West region, where 79.5 percent of the 90 auctions sold.

Across Sydney, 918 homes were taken to auction this week with the preliminary clearance rate for the city above 70.0 percent (73.1 percent). After last week saw the final clearance rate drop even lower for the 3rd week in a row, with 66.7 percent of the 927 auctions clearing. One year ago, 768 Sydney homes were taken to auction and the clearance rate was 73.4 percent. Sydney’s North Sydney and Hornsby region hosted the most auctions of any Sydney sub-region this week, with 150 properties taken to auction. The preliminary clearance rate for the region is 84.3 percent across 108 results.

The preliminary clearance rate in Brisbane this week was 30.7 percent, down from 46.4 percent over the previous week. Auction volumes were lower this week with 129 auctions held, down from 151 last week. Meanwhile, across the Gold Coast, 31.8 percent of the 22 reported auctions were successful.

A total of 101 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 67.6 percent across 68 results, down from 69.5 percent last week when 103 auctions were held across the city.

In Perth, 54 auctions took place this week, with 25 results reported so far. Perth’s preliminary clearance rate of 36.0 percent across these 25 results is higher than both last week’s result (32.3 percent) and the clearance rate from one year ago (31.9 percent)

Canberra’s preliminary auction clearance rate of 73.9 percent this week is higher than last week, when the final auction clearance rate was 50.8 percent and higher than the 61.0 percent recorded last year.

There were only 7 Tasmanian auctions held this week. 1 was reported as sold.

 

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 25/06/2017):

  • Sydney – 73.1% clearance, 918 total auctions, 689 results reported, 504 cleared, 185 uncleared
  • Melbourne – 71.9% clearance, 1050 total auctions, 935 results reported, 672 cleared, 263 uncleared
  • Brisbane – 30.7% clearance, 129 total auctions, 75 results reported, 23 cleared, 52 uncleared
  • Adelaide – 67.6% clearance, 101 total auctions, 68 results reported, 46 cleared, 22 uncleared
  • Perth – 36% clearance, 54 total auctions, 25 results reported, 9 cleared, 16 uncleared
  • Tasmania – 50% clearance, 7 total auctions, 2 results reported, 1 cleared, 1 uncleared
  • Canberra – 73.9% clearance, 64 total auctions, 46 results reported, 34 cleared, 12 uncleared
    Combined national preliminary result – 70.1% clearance, 2323 total auctions (1840 reported, 1289 cleared). Weighted Average 69.1%

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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