Adelaide, Canberra, Tasmania preliminary clearance rates above 80%: Shana Miller
CoreLogic RP Data’s preliminary auction clearance rate was recorded at 77.0 per cent this week, across a total of 1,790 reported auctions. Auction volumes rose over the week, up from 1,903 the previous week to 2,378 this week, the largest number of capital city auctions held since 10 weeks ago.
Along with the increase in the number of homes taken to auction, the preliminary clearance rate this week (77.0 per cent) was also higher than the previous week (74.6 per cent) and conditions across the auction market remain stronger than they were one year ago, when 68.0 per cent of the 1,555 homes taken to auction sold.
As Australia’s largest auction market, Melbourne’s auction market remained strong this week, with a preliminary clearance rate of 78.6 per cent, compared to the previous week, when the clearance rate for the city was 78.2 per cent. The number of homes taken to auction in Melbourne this week was 1,057, up from 787 last week. One year ago, Melbourne’s auction clearance rate was 69.6 per cent across 774 auctions. Across the individual sub-regions of Melbourne, there were three regions where the clearance rate was over 80 per cent this week; Inner Melbourne (80.5 per cent), Inner East Melbourne (81.1 per cent) and Outer East Melbourne (85.6 per cent).
After its record strong performance at the start of the year, Sydney’s auction market is starting to show some signs of slowing down. In saying this, Sydney’s preliminary results this week showing that 77.8 per cent of the 711 reported results sold. In comparison, last week 76.0 per cent of Sydney auctions were successful, while last year the clearance rate was 74.7 per cent. The number of auctions across the city is much higher this week (1,008) than last week (825) and substantially higher than at the same time last year when just 530 homes went to auction. This week, the two strongest performing Sydney sub-regions were Northern Beaches and Inner West, where more than 93 per cent of the reported results for each region were successful.
Brisbane’s preliminary clearance rate this week was 61.8 per cent, up from 57.9 per cent last week and significantly stronger than the 33.3 per cent from one year ago. There were 141 auctions across the city this week, similar to the number held last week (144) and higher than the 123 held one year ago. Further south of Brisbane, the Gold Coast saw 14 auction results reported this week, with 35.7 per cent selling.
This week, Adelaide’s preliminary clearance rate was 81.4 per cent, a strong result for the city with 43 results from the 76 auction reported so far. In comparison, last week’s clearance rate for the city was 67.7 per cent and 69.1 per cent at the same time last year. The number of auctions across the city remained steady this week, with 76 held this week, compared to 75 last week and 61 at the same time last year.
The preliminary auction clearance rate for Perth was 44.4 per cent this week, with 18 results reported so far. There were 28 Perth auctions held this week, compared to 23 last week, when the final clearance rate was 40.0 per cent and 25 last year, when 57.9 per cent of the auctions were successful.
There were 59 Canberra auctions this week and the preliminary clearance rate of 81.1 per cent is higher than last week (72.2 per cent) and one year ago (55.2 per cent).
So far, 7 Tasmanian auction results have been reported to CoreLogic RP Data and of these 6 were sold.