Preliminary clearance rate strengthens after last week saw the final clearance rate fall below 70 percent
National auction clearance results for the week ending 30/04/2017 courtesy of CoreLogic
The combined capital city preliminary clearance rate rose to 76.9 percent this week, increasing from last week when final results saw the clearance rate fell to 69.8 percent after 10 consecutive weeks remaining in the mid-70 percent range. The rebound in the preliminary clearance rate has occurred against a backdrop of higher auction volumes, with 2,347 properties taken to auction across the combined capital cities, up from last week’s 1,751, however lower than one year ago (2,675). The higher clearance rate and the increase in volumes this week were attributable to stronger results across the two larger auction markets of Melbourne and Sydney, with performance across the remaining capitals remaining varied over the week. Considering the slowdown in auction markets over previous weeks as well as widespread speculation that the housing market is moving through its peak, the final auction clearance rate, published by CoreLogic on Thursday, will be an important follow-up to this strong preliminary result.
Across Melbourne, 79.9 percent of the 1,087 reported auctions sold this week. There were 1,232 auctions held across the city this week, rising from 828 last week when the final auction clearance rate was 75.2 percent and lower than the 1,404 auctions held one year ago, with a lower clearance rate (73.5 percent). The Inner region of Melbourne had the highest number of auctions this week (222), with a preliminary clearance rate of 75.1 percent. Meanwhile, the strongest clearance rate was recorded across the North East region and North West region, with 88.4 percent and 82.9 percent of auctions clearing respectively.
In Sydney, 804 properties were taken to auction this week with a preliminary clearance rate of 78.4 percent, increasing from last week when the final clearance rate for the city was 72.4 percent, across 596 auctions. One year ago, 818 Sydney homes were taken to auction and the clearance rate was 71.7 percent. This week, the performance across Sydney’s individual sub-regions was mixed. Across the Eastern Suburbs region, where 40 results have been reported so far, the preliminary clearance rate was 75.0 percent, while across Inner South West (88.0 percent) and Baulkham Hills and Hawkesbury (84.2 percent) the success rate of reported auctions was much higher.
Brisbane was host to 124 auctions this week and so far 87 results have been reported, with 56.3 percent sold. Last week, auction volumes across the city were higher with 134 auctions held across the city and a 44.3 percent clearance rate recorded. The number of homes taken to auction this week increased across the Gold Coast with 67 properties up for sale this week. Of the 28 results reported, 53.6 percent were successful.
This week, Adelaide saw a preliminary clearance rate of 65.4 percent, with 52 reported results across a total of 82 scheduled auctions. In comparison, over the previous week, Adelaide’s clearance rate was 58.2 percent and 61.0 percent one year ago.
In Perth, 33 auctions took place this week, with 13 results reported so far. Perth’s preliminary clearance rate of 53.8 percent across these 13 results is higher than both last week’s result (23.5 percent) and the clearance rate from one year ago (48.7 percent).
Canberra’s preliminary auction clearance rate of 67.9 percent this week is lower than last week when the final auction clearance rate was 69.4 percent and higher than the 59.1 percent recorded last year.
Tasmania saw 10 auctions take place this week, 9 results have been reported so far, with 6 sales.
Preliminary clearance rates in each state courtesy of CoreLogic (as at 10am EDST 30/04/2017):
- Sydney – 78.4% clearance, 804 total auctions, 617 results reported, 484 cleared, 133 uncleared
- Melbourne – 79.9% clearance, 1232 total auctions, 1087 results reported, 869 cleared, 218 uncleared
- Brisbane – 56.3% clearance, 124 total auctions, 87 results reported, 49 cleared, 38 uncleared
- Adelaide – 65.4% clearance, 82 total auctions, 52 results reported, 34 cleared, 18 uncleared
- Perth – 53.8% clearance, 33 total auctions, 13 results reported, 7 cleared, 6 uncleared
- Tasmania – 66.7% clearance, 10 total auctions, 9 results reported, 6 cleared, 3 uncleared
- Canberra – 67.9% clearance, 62 total auctions, 56 results reported, 38 cleared, 18 uncleared
Combined national preliminary result – 77.4% clearance, 2347 total auctions (1921 reported, 1487 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.