NationalReal Estate News

Auction volumes reach all time record high for month of February

Auction clearance rates reach the highest level over the calendar year to date as auction volumes reach a record high for February, with 3,232 auctions held across the combined capital cities.

National auction clearance results for the week ending 26/02/2017 courtesy of CoreLogic

Across the combined capital cities this week, the number of properties taken to auction increased dramatically, with 3,232 auctions held; significantly higher than what has been recorded over the same period [and] across previous years, with auction volumes generally reaching their seasonal peaks around March. The record highs for the number of auctions were confined to the Sydney and Melbourne markets, where auction numbers were the highest on record for the month of February. Despite auctions reaching record highs for February, the combined capital city preliminary clearance rate also reached a new record high over the year to date. 78.6 percent of auctions recorded a positive result this week, which is higher than the 71.4 percent last year, across a lower volume of auctions (2,701). Overall activity has increased week-on-week, with volumes increasing across all the capital cities, with clearance rates also rising in most capital cities with the exception of Canberra and Perth, where clearance rates fell over the week.

Across Melbourne, this week’s preliminary clearance rate rose to 80.1 percent, up from 75.7 percent last week and remaining above the clearance rate for the city one year ago (74.8 percent). This week, Melbourne saw a substantial increase in volumes, with 1,613 auctions held, higher than the 1,091 held last week and also higher than a year ago when there were 1,347 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 Outer East region. So far, CoreLogic has collected 77 results for the region and the preliminary result shows 87.0 percent of these auctions were successful.

Sydney’s preliminary auction clearance rate increased to 81.5 percent this week, across a higher volume of auctions. Last week, Sydney’s clearance rate was 80.6 percent, while one year ago results show that 72.1 percent of Sydney homes taken to auction were successful. This week volumes were higher, up to 1,169 from 856 last week and also higher than what was seen over the same week last year, when 919 Sydney homes were taken to auction over the week. The Inner West sub-region of Sydney has shown the strongest performance so far this week, with 90.2 percent of the 61 reported results selling.

There were 174 Brisbane homes taken to auction this week, with 99 results reported so far. The preliminary clearance rate for the city is 63.3 percent, up from 47.1 percent last week and higher than one year ago, when 57.4 percent of the 179 properties taken to auction were successful. Across the Gold Coast, 40 results have been reported so far, with a success rate of 55.0 percent (22 sales).

This week, Adelaide saw a preliminary clearance rate of 76.3 percent, with 80 reported results across a total of 121 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 65.8 percent and 64.0 percent one year ago.

There were 46 Perth auctions this week, with a preliminary clearance rate of 21.4 percent. Last week, 31.0 percent of the 42 auctions held were successful.

Across Canberra, a total of 100 auctions were held this week, compared to 92 last week and 75 at the same time last year. Canberra’s preliminary clearance rate of 77.3 percent is lower than it was the previous week (80.2 percent).

In Tasmania, 6 auctions were reported to CoreLogic with 3 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 26/02/2017):

  • Sydney – 81.5% clearance, 1169 total auctions, 729 results reported, 594 cleared, 135 uncleared
  • Melbourne – 80.1% clearance, 1613 total auctions, 1222 results reported, 979 cleared, 243 uncleared
  • Brisbane – 63.6% clearance, 174 total auctions, 99 results reported, 63 cleared, 36 uncleared
  • Adelaide – 76.3% clearance, 121 total auctions, 80 results reported, 61 cleared, 19 uncleared
  • Perth – 21.4% clearance, 46 total auctions, 14 results reported, 3 cleared, 11 uncleared
  • Tasmania – 50% clearance, 9 total auctions, 6 results reported, 3 cleared, 3 uncleared
  • Canberra – 77.3% clearance, 100 total auctions, 66 results reported, 51 cleared, 15 uncleared

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