Melbourne’s lowest clearance rate since February: CoreLogic RP Data's Shana Miller
The preliminary auction clearance rate across the combined capital cities was 74.1% this week, across 1,784 reported results.
There were a total of 2,192 auctions held across Australia’s capitals this week, up from 2,118 last week. This week’s preliminary clearance rate remained relatively steady over a week on week basis (74.6 per cent) and this year’s result continues to track higher than one year ago, when 69.5 per cent of reported auctions were successful. The number of homes taken to auction this year is also much higher than over the same week last year (1,695) and on a year to date basis, there has been 7.6 per cent more auctions this year than at the same time last year.
Melbourne’s preliminary clearance rate of 73 per cent is lower than last week’s final clearance of 76.5 per cent and the lowest result for the city since mid-February. There were 943 auctions across the city this week, higher than both last week, when 908 auctions were held and last year, when 758 Melbourne homes were taken to auction. Last year, the final auction clearance rate over the week was 70.7 per cent. All of Melbourne’s individual sub-regions saw clearance rates of 70 per cent or higher this week, except for Inner Melbourne, which was host to the highest volume of auctions this week (206) and saw 69.5 per cent of the 190 reported results sell.
Across Sydney, 903 homes were taken to auction this week, with a preliminary clearance rate of 79.9 per cent. This week’s result for the city is higher than last week’s final clearance rate of 77.3 per cent and similarly, higher than over the comparable week last year (76.1 per cent). While the clearance rate for the city is higher, the number of homes taken to auction across the city over the last two weeks has been comparable, with just 12 less auctions this week compared to last week. Last year there were 758 auctions. Based on preliminary results, Sydney’s Central Coast recorded the strongest clearance rate this week, with 90.9 per cent of the 22 reported results successful. Following on from this, City and Inner South was the next best performer, with 89.2 per cent of the 74 reported results selling.
So far this week, 104 Brisbane auctions have been reported to CoreLogic RP Data, with a preliminary clearance of 54.8 per cent. There were 130 Brisbane auctions last week, with a clearance rate of 57.5 per cent, while one year ago, 51.2 per cent of the 134 auctions were successful. This week, 59 auctions were held across the Gold Coast with a preliminary clearance rate of 57.1 per cent across 35 results.
Adelaide was host to 87 auctions this week and preliminary results show that 74.2 per cent of auctions were successful. Last week, Adelaide’s final auction clearance rate was 68.1 per cent, while one year ago 67.2 per cent of auctions were sold.
Perth’s preliminary clearance rate was 37.5 per cent this week, up from 30.4 per cent last week and 37.9 per cent one year ago.
The clearance rate for Canberra was 71.1 per cent this week based on preliminary results. Over the previous week Canberra’s clearance rate was 72.1 per cent, while one year ago, 70.7 per cent of reported results were sold. This week’s result for Canberra indicates the 4th consecutive week in which the cities clearance rate has been above the 70 per cent mark.
There were 6 Tasmanian auctions reported to CoreLogic RP Data this week, with 4 sales.