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National auction volumes close to record high while preliminary clearance rates continue to run hot

Australia’s largest auction markets are continuing to run hot, with CoreLogic’s preliminary auction clearance rate nudging higher over the week, while the number of auctions held surges to the second highest weekly level over the year to date

National auction clearance results for the week ending 26/03/2017 courtesy of CoreLogic

The amount of auction activity across the capital cities increased this week, up from 2,916 last week to 3,147 this week; the largest number of auctions since the last week of February 2017 when 3,301 auctions were held. This time last year was the Easter long weekend, so auction volumes were substantially lower, with 554 homes taken to auction across the combined capital cities. This week’s preliminary weighted average clearance rate across the combined capitals was 77.1 percent, increasing from 74.1 percent over the previous week and up from 70.9 percent one year ago. Sydney saw the highest preliminary clearance rate across the cities at 81.1 percent, while across the remaining cities; clearance rates increased week-on week with the exception of Brisbane and Perth where clearance rates fell.

There were 1,601 Melbourne auctions this week, making it the busiest capital city for auctions this week and the second busiest week for Melbourne this year. Across the 1,391 reported results, 79.9 percent were successful this week, up from 77.0 percent last week and higher than the 71.4 percent recorded last year when just 78 Melbourne auctions were held. This week’s strongest performing Melbourne sub-region was the North West with 91.7 percent of auctions clearing, followed by the Mornington Peninsula region (88.1 percent) based on preliminary results.

A total of 1,082 homes were auctioned in Sydney this week, with preliminary results returning a clearance rate of 81.1 percent, the strongest clearance rate for Sydney so far this year, so it will be interesting to see what happens once the remaining results are collected. Last week, across the 1,001 auctions in the city, 76.8 percent of results were successful. In comparison, over the same week last year, 349 Sydney auctions were held and the clearance rate was 77.9 percent. The busiest regions for auctions across Sydney this week were North Sydney and Hornsby (151 auctions) and Inner South West (124 auctions), while clearance rates ranged from as high as 91.3 percent in Northern Beaches to as low as 63.8 percent in Parramatta.

Across Brisbane, auction volumes rose from 179 last week to 196 this week, with a preliminary clearance rate of 44.0 percent, compared to 50.0 percent last week. At this time last year, 48 auctions were held with a success rate of 45.0 percent. The Gold Coast was host to 57 auctions this week and based on the 26 results reported to CoreLogic so far, 50.0 percent have been sold.

Preliminary results show that 68.2 percent of the 124 Adelaide auctions were successful this week, up from last week (57.4 percent), and higher than one year ago when 66.7 percent of the 32 auctions held were successful.

Perth’s preliminary auction clearance rate was 30.8 percent this week across 13 results. Last week, 42 results were captured across the city, with 61.9 percent having sold. This time last year, 6 auction results were reported with a 100 percent success rate.

Based on preliminary results, 78.4 percent of Canberra auctions were successful this week, up from 72.9 percent last week and higher than one year ago (58.3 percent). There were 104 auctions held in Canberra this week, 114 last week and 26 at the same time last year.

There were 7 auctions held in Tasmania this week with 5 successful results.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 26/03/2017):

  • Sydney – 81.1% clearance, 1082 total auctions, 838 results reported, 680 cleared, 158 uncleared
  • Melbourne – 79.9% clearance, 1601 total auctions, 1391 results reported, 1112 cleared, 279 uncleared
  • Brisbane – 44% clearance, 196 total auctions, 134 results reported, 59 cleared, 75 uncleared
  • Adelaide – 68.2% clearance, 124 total auctions, 88 results reported, 60 cleared, 28 uncleared
  • Perth – 30.8% clearance, 33 total auctions, 13 results reported, 4 cleared, 9 uncleared
  • Tasmania – 71.4% clearance, 7 total auctions, 7 results reported, 5 cleared, 2 uncleared
  • Canberra – 78.4% clearance, 104 total auctions, 88 results reported, 69 cleared, 19 uncleared
    Combined national preliminary result – 78% clearance, 3147 total auctions (2559 reported, 1989 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.

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