Auction results strong with 80% clearance for Sydney and Melbourne: CoreLogic
Auction results continue their strong run into March, with Sydney and Melbourne recording an 80% clearance rate over the first week of the month, according to CoreLogic’s latest report.
The property data firm says that after recording the strongest result since June 2015 last week, the preliminary clearance rate across the combined capital cities fell slightly this week, from 78.4% to 77.8%, based on preliminary results.
The number of auctions held across the capitals this week was lower, with 2,714 held, compared to 3,301 over the previous week which was a record high for February.
In comparison, over the corresponding week last year, both the combined capital city clearance rate and the number of auctions were lower, with 2,304 auctions held and 68.6% reported as successful.
Sydney saw the clearance rate remain above 80% for the fourth week in a row, and Melbourne for the second week in a row, while across the remaining cities; week-on-week results show a fall in clearance rates with the exception of Perth where results improved, and Tasmania, which remained unchanged over the week.
This week, Melbourne was host to 1,399 auctions and preliminary results show a clearance rate of 80.4%, down slightly from last week’s final clearance rate of 81.0% across 1,635 auctions.
At the same time last year, Melbourne’s clearance rate was 72.1%, with 1,236 auctions held across the city.
Looking at Melbourne’s sub-regions, the Inner region was the busiest for auctions across Melbourne with 295 homes going under the hammer, followed by Inner South (260) and Inner East (179).
The North East region was the best performer in terms of Melbourne clearance rates, with an 87.6% success rate across 133 auctions.
Sydney’s preliminary auction clearance rate increased to 80.5% from 80.0% last week, the 4th week in a row where clearance rates have been at or above 80%.
Auction volumes were lower this week with 886 homes taken to auction, compared to 1,210 last week.
The city maintains a much higher clearance rate than what was seen over the same week last year, when a clearance rate of 68.7% was recorded across 708 auctions.
This week, the performance across Sydney’s individual sub regions was varied.
Across the South West region, where 47 results have been reported so far, the preliminary clearance rate was 66%, while across City and Inner South (88%) and Northern Beaches (88%), the success rate of reported auctions was much higher.
Across Brisbane, the preliminary clearance rate was 59% this week, down from 62% last week and higher than one year ago (50%).
Auction volumes were also down with 148 auctions held across Brisbane this week, compared to 176 last week and a lower 133 last year.
A total of 120 auctions were held in Adelaide this week, down from 122 last week, although higher than last year (99).
Preliminary results for the week show 69% sold, down from 71% last week when the city recorded the highest clearance rate for the year to date.
The preliminary clearance rate for Perth this week was 36%, compared to 30% last week and 21% last year.
This week 36 Perth auctions were held with 11 results reported so far.
Canberra’s clearance rate fell to 70% this week, after being recorded at 76% last week.
There were 116 auctions held across Canberra this week, up from 103 last week.
One year ago, 67% of Canberra’s 88 auctions cleared.
There were nine Tasmanian auctions held this week and with seven results reported so far this week, four have sold.