Auction markets slowing on volume front: CoreLogic RP Data's Shana Miller
This week, the preliminary clearance rate across the combined capital cities was recorded at 78.1%, the strongest result in 4 weeks. There were 1,273 reported auctions this week, with total auction volumes at 1,626. Due to the school holidays, this week the number of homes taken to auction was substantially lower than last week (2,249), but remained higher than at the same time last year (1,442) when the clearance rate was recorded at 68.9%.
76.7% of Melbourne’s reported auctions sold this week, compared to a clearance rate of 78.5% last week and 71.4%last year. This week, 617 Melbourne auctions were held, down from 1,007 last week, but higher than the 549 held at the same time last year. Across Melbourne’s individual sub-regions the performance was varied this week. The stand out performer was the Outer East region, where 93.7% of homes were sold, followed by the Inner East, where the clearance rate was 85.7% this week.
The preliminary auction clearance rate for Sydney was 84.5% this week with 711 auctions held. Last week, 896 residential properties were taken to auction across Sydney with a success rate of 82%. Auction conditions across Sydney continue to outperform when compared to the same time last year. One year ago, 72.4% of the 597 auctions across the city cleared. Sydney’s strongest performing sub-region this week was the Sutherland region, where 92.8% of reported auctions were successful, followed by the Inner South West (92.1%), and the Baulkham Hills and Hawkesbury region (91.6%).
For Brisbane the number of homes taken to auction this week was 113, down from 140 last week and also lower than one year ago (126). Based on the preliminary results, 68.9% of Brisbane homes taken to auction sold this week, compared to 46.2% the previous week and 59.5% last year. There have been 30 Gold Coast auction results reported this week, with a preliminary clearance rate of 50.0%.
Across Adelaide 86 homes were taken to auction this week with a clearance rate of 75.4%. Last week, 69.9% of the 84 Adelaide auctions were sold, while one year ago the clearance rate was 64.6%.
Perth’s preliminary clearance rate this week is 30.0%, across 20 reported results. In comparison, over the previous week, Perth’s clearance rate was 68.0%, the strongest result for the city so far this year, while at the same time last year, 50.0%of Perth auctions were successfully sold.
There were 57 Canberra auctions this week, with a preliminary clearance rate of 75.0%.
Across Tasmania, only 1 result has been reported so far this week with an unsuccessful result.
