Sydney slips to sub-50 percent auction success rate

Sydney slips to sub-50 percent auction success rate
Sydney slips to sub-50 percent auction success rate

Sydney’s auction clearance rate has officially fallen below 50 per cent, with fewer than half of the houses selling under the hammer, according to CoreLogic.

Just 49 percent of the 170 notified results were sale successes, with 70 offerings yet to have their auction outcome reported.

Sydney apartments did perform a little better than houses coming in with a 56 percent success rate, according to CoreLogic.

Sydney slips to sub-50 percent auction success rateSydney's inner south west was the weakest region with a clearance rate of just 38 percent.

The Domain Group also reported a weakening clearance rate of 47.8 per cent from 347 scheduled auctions and its 198 reported Saturday results.

There were 1,172 homes taken to auction across the nation's capital cities, returning a preliminary national auction clearance rate of 55.8 per cent.

The volumes were down from the prior week's 1,411 auctions.

The revised clearance rate was 52.6 per cent.

Over the same week last year, auction volumes were higher with 1,627 homes returning a success rate of 69.4 per cent.

CoreLogic auction analyst Kevin Brogan noted the national average had remained within the low to mid 50 per cent range for nine consecutive weeks.

And in Sydney he said there had been three Saturday results revised to sub-50 percent within the period.

In Melbourne, Australia’s continued largest auction market, a preliminary auction clearance rate of 60 percent was recorded across 560 auctions, bouncing up from 56.1 per cent across a higher 631 auctions in the prior week.

One year ago, the clearance rate was a stronger 74.9 per cent across 756 auctions.

Melbourne's top reported weekend sale was at Lower Plenty where two developers completed.

Sydney slips to sub-50 percent auction success rate

Glenauburn, a six bedroom home with polished timber floors, leadlight windows and doors, dark timber panelled walls, plate and picture rails, open fire places, decorative cornice and ornate, exquisitely detailed ceilings sits on a huge 2611 sqm block.

There are "no heritage encumbrances in place," Rocco Montanaro, from Morrison Kleeman, the selling agent advised.

The mooted 26-28 Glenauburn Road price range was offered as between $2.2 million and $2.42 million.

There were 403 Sydney auctions this week returning a preliminary auction clearance rate of 52.4 per cent, compared to 50.1 per cent across 552 last week, and 69.2 per cent across 609 auctions one year ago.

Results across the smaller auction markets were varied, with 67.5 per cent of homes successful at auction in Canberra, while Brisbane returned a preliminary clearance rate of 36 per cent.

Canberra's priciest result was $1,167,000 for a four bedroom home at 6 Hemmant Street, O'Connor (pictured above).

It last sold at $843,000 in 2012.

It sits on a 887 sqm block which has an official land value of $656,000.

Tags: 
Clearance Rate Corelogic

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