This time last week, the preliminary clearance rate was reported to be at 77.5 percent as is the case with this morning’s report. As results come in over the coming days, we will get a firmer view on how the numbers end up however with a strong preliminary headline result and increasing volumes of properties going to auction, the market appears to be performing well as far as the numbers suggest.
Preliminary clearance rate remains strong at 77.5 percent, while auction volumes remain lower than last year.
The combined capital city preliminary clearance rate increased this week, up from last week’s final result of 73.6 percent to 77.5 percent, with auction volumes also showing an increasing trend over the week. There were 2,843 auctions held across the combined capital cities, up from last week’s 2,517. However, auction volumes continue to track lower than the corresponding period last year when 3,274 auctions were reported with a lower rate of clearance of 62.3 percent. The two largest auction markets, Melbourne and Sydney, continue to skew the capital city weighted average higher, with both cities consistently recording an auction clearance rate higher than 70 percent throughout Spring, despite a substantial reduction in the number of auctions compared with last year. Late November and early December have historically shown the highest number of auctions. As the number of auctions trends higher over the coming weeks, the larger stock levels will provide a timely test of the auction markets strength.
Melbourne’s preliminary clearance rate is at 77.2 percent this week (up slightly from the final result last week of 76.1 percent) and auction volumes also increased with 1,313 auctions held over the week, up from 927 in the previous week. Over the corresponding period last year, the clearance rate was 69.8 percent across 1,567 auctions. The Inner region of Melbourne was the best performer in terms of number of auctions (257), and the Outer East and West regions being the best clearance rate performers with preliminary results of 86.4 percent and 82.8 percent respectively.
Sydney’s preliminary clearance rate of 84.2 percent is up from 78.8 percent last week, and is also higher than this time last year, when a clearance rate of 58.0 percent was recorded across 1,223 auctions. Looking at the sub-regions of Sydney, the Sutherland region recorded the strongest clearance rate of 95.7 percent across 54 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (196).
Brisbane’s results were similar to last week with 191 auctions held this week compared to 198 last week and the preliminary clearance rate of 53.5 percent whilst similar to last week’s final result of 50 percent even is markedly higher than 12 months ago where the result was 39.5 percent. 37 Auctions were held on the Gold Coast with a preliminary clearance rate of 52.6 percent.
Adelaide preliminary results are steady at 68.3 percent cleared on 129 auctions, slightly up from 65.6 percent final clearance rate from last week (against 144 auctions) and tracking up on this time last year (52.4 percent cleared against 121 auctions)
Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 13/11/2016):
- Sydney – 84.2% clearance, 1,062 total auctions, 848 results reported, 714 cleared, 134 uncleared
- Melbourne – 77.2% clearance, 1,313 total auctions, 1,149 results reported, 887 cleared, 262 uncleared
- Brisbane – 53.5% clearance, 191 total auctions, 144 results reported, 77 cleared, 67 uncleared
- Adelaide – 68.3% clearance, 129 total auctions, 82 results reported, 56 cleared, 26 uncleared
- Perth – 43.8% clearance, 42 total auctions, 16 results reported, 7 cleared, 9 uncleared
- Tasmania – 50% clearance, 9 total auctions, 6 results reported, 3 cleared, 3 uncleared
- Canberra – 83.8% clearance, 97 total auctions, 68 results reported, 57 cleared, 11 uncleared.