NationalReal Estate News

Preliminary clearance rates lower on higher volume (20/11/16)

The final auction clearance rate last week was at 75.8 percent. This week’s preliminary result this week is steady at 75.6 percent. Auction volumes have trended slightly higher this week.

There were 2,950 auctions held across the combined capital cities, with week-on-week results showing an increase over the 2,897 reported capital city auctions last week. With the number of auctions tracking at the highest level since March, there has been no indication that clearance rates are starting to ease as we approach summer. However, when compared to last year, auction volumes continue to track lower with vendors still seemingly reluctant to place their properties on the market despite such strong selling conditions. There were 3,166 auctions reported over the corresponding week last year, with a clearance rate of 59.5 per cent, which is a substantially lower rate of clearance when compared to the higher rate that has remained consistent since July. This week’s preliminary clearance rate remains over 70.0 per cent (75.6 per cent), decreasing slightly over last week’s final clearance rate of 75.8 per cent.

Melbourne’s preliminary clearance rate this week is at 79.4  percent (a solid increase from the final result last week of 76.8 percent) on a slightly lower auction volume of 1,299 held over the week, down from 1329 last week. Over the corresponding period last year, the clearance rate was 67.7 percent across 1,510 auctions. The Inner region of Melbourne was again the best performer in terms of number of auctions (253)with the Inner South region also showing a solid result with 209 auctions held.

Sydney’s preliminary clearance rate of 81.2 percent is pretty much line-ball with last week’s final clearance rate of 81.4 percent. and is also higher than this time last year, when a clearance rate of 56.7 percent was recorded. Volumes were slightly down from last week with 1,064 auctions held this week compared to 1,089 last week. North Sydney and Hornsby recorded the strongest clearance rate of 90.2 percent across 149 auctions (which is down from last week’s volume of 196 auctions).

Brisbane’s preliminary clearance rate results are down this week at 47.5 percent compared to the final result last week of 53.3 but volumes had a big jump from 196 auctions last week to 260 this week. More than double the number of auctions were held on the Gold Coast this week compared to last week (79 v’s 39 auctions) with a preliminary clearance rate relatively steady at 54.8 percent.

Adelaide preliminary results are steady at 67.9 percent cleared on 135 auctions, compared to a final result last week of 133 auctions at a 67.3 percent clearance rate.

Perth volumes increased this week to 72 Auctions compared with 42 last week and at the time of writing, 35 results were reported with a preliminary clearance rate of 48.6 percent being a healthy gain over last week’s final clearance rate of 37.5 percent.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 20/11/2016):

  • Sydney – 81.2% clearance, 1,064 total auctions, 853 results reported, 693 cleared, 160 uncleared
  • Melbourne – 79.4% clearance, 1,299 total auctions, 1,118 results reported, 888 cleared, 230 uncleared
  • Brisbane – 47.5% clearance, 260 total auctions, 160 results reported, 76 cleared, 84 uncleared
  • Adelaide – 67.9% clearance, 135 total auctions, 84 results reported, 57 cleared, 27 uncleared
  • Perth – 48.6% clearance, 72 total auctions, 35 results reported, 17 cleared, 18 uncleared
  • Tasmania – 60% clearance, 11 total auctions, 5 results reported, 3 cleared, 2 uncleared (sic)
  • Canberra – 71.2% clearance, 109 total auctions, 66 results reported, 47 cleared, 19 uncleared.

 

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