Sydney's weekend auction market returns to another 80 percent success rate: CoreLogic
The weekend preliminary auction average clearance rate has risen to 77 percent on the second last Autumn weekend, according to CoreLogic’s latest report.
Auction activity across the combined capital cities increased this week, up from 2,409 auctions last week, to 2,794 this week, making it the sixth busiest week this year.
This week's weighted average clearance rate across the combined capitals was 77.2 percent, increasing from a final clearance rate of 72.8 percent over the previous week.
At the same time last year, both volumes (1,920) and the clearance rate (68.9 percent) were lower.
The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise, with Sydney at 80.7 percent and Melbourne at 79.2 percent, although Kevin Brogan, the CoreLogic auction analyst said that Sydney, and to a lesser extent Melbourne, tend to revise down over the week when the remaining results are captured.
Over the previous week, Sydney’s preliminary clearance rate of 79.4 percent was revised down to 74.5 percent when finalised.
Across the smaller capital city markets, Brisbane was the only city where preliminary clearance rates fell week-on-week so again it will be interesting to see how the clearance rates hold when the final figures are released on Thursday.
There were 1,323 auctions held in Melbourne this week with a preliminary clearance rate of 79.2 percent.
This week’s result shows a rise in the clearance rate for the city, after Melbourne’s final clearance rate was recorded at 75 percent last week, the lowest clearance rate for the city so far this year.
Over the same week last year, Melbourne’s clearance rate was 70 percent across 843 auctions.
Of the Melbourne sub-regions, 7 of the 9 regions recorded clearance rates at or above 75 percent, with the highest clearance recorded across the Outer East, with preliminary results showing 87.8 percent of the 98 results were successful, followed by the North East where 81.7 percent of auctions cleared.
Sydney was host to 1,053 auctions this week and a preliminary clearance rate of 80.7 per cent was recorded, rising from 74.5 percent last week across 960 auctions.
One year ago, 735 auctions were held across Sydney and 73.2 per ent were successful.
Looking at the sub-regions of Sydney, 8 of the 15 sub-regions recorded clearance rates of at least 80 percent with the stand outs being the Inner West (88.9 percent), Sutherland (88.6 percent), North Sydney and Hornsby (88.6 percent) and Eastern Suburbs (88 percent) regions.
There were 160 Brisbane homes taken to auction this week, with 93 results reported so far.
The preliminary clearance rate for the city is 51.6 percent, down from 59 percent last week and similar to one year ago, when 50.9 percent of the 131 properties taken to auction were successful.
Across the Gold Coast 20 results have been reported so far, with a success rate of 45 percent (9 sales).
In Adelaide, a 70.4 percent preliminary result was recorded this week across 114 auctions.
Last week, 102 Adelaide auctions returned a clearance rate of 63.0 percent for the city, while at the same time last year, 92 homes were taken to auction, with 68.8 percent recording a successful result.
Perth’s preliminary clearance rate was 50 percent this week, up from 42.1 percent last week.
This week 48 Perth homes were auctioned, while 18 results have been reported so far.
At the same time last year, 42.9 percent of Perth auctions cleared.
Across Canberra, 85 homes were taken to auction this week.
Preliminary results show a clearance rate of 75.3 percent, up from 74.3 percent the previous week.
Tasmania was host to 11 auctions this week and so far 5 have been reported with 4 sales.