More than 2,000 auctions held across combined capital cities: CoreLogic RP Data's Shana Miller
This week’s preliminary clearance rate of 70.7% across a total of 2,064 reported auctions represents the third lowest clearance rate so far this year across the combined capital cities, down further from last week when the final clearance rate was recorded at 71.2%.
It will be interesting to see if there is any upwards revision as the remaining results are reported. There were 2,493 capital city auctions held this week, compared to 2,654 last week and 2,530 at the same time last year. Over the past eight weeks, this is the fourth week where more than 2,400 auctions have been held across the combined capitals, while over the same 8 week period one year ago, there was only one week where this volume of auctions was seen.
Melbourne’s preliminary clearance rate this week is 73.3 per cent, down from 74.3 per cent the previous week and higher than one year ago, when 72.1 per cent of auctions were successful. 1,091 residential properties went to auction in Melbourne this week, showing volumes are slightly lower than over the previous week (1,189) and one year ago (1,221). This week, Melbourne’s strongest performing sub-region was the Outer East, where 78.4 per cent of the 74 reported auctions were sold. On the other end of the scale was the Mornington Peninsula, where a lower 60.6 per cent of the 33 reported auctions cleared.
In Sydney, there has been little change after recording the lowest clearance rate for the year over the previous week at 73.1 per cent, with preliminary results showing a clearance rate of 73.2 per cent. Sydney’s auction market has consistently been performing at a level lower than the strengths seen at the start of the year, when, for 22 consecutive weeks, the clearance rate for the city was above the 80 per cent mark. In saying that, the number of auctions held across the city has been trending up, with 1,008 auctions held this week and 1,075 last week. One year ago, Sydney’s auction clearance rate was 78 per cent across 883 auctions. The North Sydney and Hornsby sub-region had the highest volume of auctions this week, with 183 held and a preliminary clearance rate of 76.8 per cent.
Across Brisbane, 108 auctions results have been reported this week, with 52.8 per cent successful. This week, 144 auctions were held across the city, compared to 179 last week, when the clearance rate was 50.3 per cent and 154 at the same time last year, when the clearance rate was significantly lower, at 38.9 per cent. 29 Gold Coast auction results have been reported so far this week, with a preliminary clearance rate of 41.4 per cent.
Adelaide’s preliminary clearance rate was 71.4 per cent this week, up from 62.4 per cent the previous week and 68.4 per cent last year. The number of auctions held across the city increased on a week-on-week basis, from 89 last week to 99 this week, while Adelaide’s auction market was busier at the same time last year (129).
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30 Perth auctions were held this week with a preliminary clearance rate of 37.5 per cent, compared to 54.2 per cent the previous week and 51.2 per cent one year ago.
There were 116 auctions across Canberra this week, compared to 79 last week and 80 one year ago. Preliminary results show that 57.0 per cent of reported results were successful this week, down from 65.2 per cent last week and 58.2 per cent one year ago.
So far this week, 4 of the 5 Tasmanian auctions have been reported, with only 1 successful result.