Third week of easing national auction clearances: CoreLogic RP Data
National auction markets continue to show a slight softening trend with a preliminary auction clearance rate of 76.2%, the third week in a row in which the capital city clearance rate has fallen, according to CoreLogic RP Data.
The preliminary clearance rate across the combined capital cities compared to 76.8% last week.
At the same time last year the success rate was 67.2%.
The preliminary auction clearance rate for Melbourne was 78.2% this week, with 651 auctions held across the city. Over the previous week, 78.6% of the 640 Melbourne auctions sold, while at the same time last year, Melbourne’s clearance rate was significantly lower, at 66.4% across 567 auctions. Across the individual sub-regions of Melbourne, the strongest performer this week was the Outer East, the only region where the preliminary clearance rate surpassed the 90% mark, with 95.7% of the 46 reported results selling.
For Sydney, usually Australia’s second largest auction market, the number of homes taken to auction this week (765) was higher than in Melbourne. Sydney’s preliminary clearance rate was 81.0%, down from 82.0% the previous week, but higher than at the same time last year (75.6%). Although Sydney currently remains the strongest capital city auction market, over recent weeks the clearance rate across the city hasn’t been as strong as it was in April and May. Across Sydney’s Outer West and Blue Mountains region, there were six auction results reported this week with all properties selling. Following on from this, Sydney’s strongest performing sub-region this week was the Inner West, with a preliminary clearance rate of 90.1%.
Some 53.6% of Brisbane’s reported auctions were sold this week, compared to 63.5% last week and 43.3% at the same time last year. There were 121 auctions held across Brisbane this week, compared to 115 last week and 118 over the same week last year. Meanwhile, across the 29 reported Gold Coast results, the preliminary clearance rate was 58.6% this week.
Adelaide’s preliminary clearance rate was 66.0% this week, across a total of 50 reported results. This week’s clearance rate was lower than last week (69.3%), but higher than at the same time last year (60.9%). Across Perth, 26 homes were taken to auction this week. So far, 13 results have been reported and the preliminary clearance rate for the city is 23.1%, slightly higher than last week’s clearance rate of 22.2%, but significantly lower when compared to last year (44.4 %).
This week, 30 Canberra auctions were held with a preliminary clearance rate of 69.2%.
Across Tasmania, just four results were reported to CoreLogic RP Data, with 3 of these properties sold.
