Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller
Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

Given it was such a quiet week for auctions last week, it was unsurprising to see volumes increase substantially this week, with 2,903 held across the combined capital cities.

The preliminary clearance rate was 72.0% this week across a total of 2,178 reported auction results, up from a final clearance rate of 68.2% last week across just 865 auctions. At the same time last year, 67.8% of auctions cleared and a total of 2,408 capital city auctions were held.

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Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

 

Melbourne was the strongest performer this week, with 74.1% of reported auctions recording a successful result. There were 1,358 Melbourne auctions scheduled, with 1,169 results reported so far. Last week, Melbourne’s final auction clearance rate was 73.1%, while one year ago it was 70%. The busiest sub-region across Melbourne for auctions this week was the Inner region, with 259 held. So far 228 results have been reported with a preliminary clearance of 75.8%. In terms of clearance rate, the top performer this week was the South East at 79.1% (148 auction results).

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Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

 

Sydney hosted 1,141 auctions this week and preliminary results show that 72.8% cleared. Last week, Sydney’s clearance rate just dipped below the 70% mark, at 69.9% when auction volumes were lower (583). Relative to last year, this week’s result is stronger, given last year 918 auctions were held and the clearance rate was 71.9%. This week, 3 Sydney regions were significantly stronger than others, with Northern Beaches (88%), Eastern Suburbs (85.5%), and City and Inner South (81.9%) the top performers. On the other end of the scale, Central Coast’s clearance rate was 41.7%.

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Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

 

Across Brisbane 178 auctions were held this week, up from 113 last week and 167 one year ago. Preliminary results show that Brisbane’s clearance rate increased slightly, from 59.1% last week to 59.4 per cent this week. In comparison to last year, current activity is stronger (48.8%). Further south, 71 of the 100 Gold Coast auction results have been reported and the clearance rate so far is 50.7%.

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Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

 

In Adelaide auction activity also picked up this week, 124 auctions were held compared to just 33 over the previous week. Adelaide’s preliminary clearance rate of 74.0% is higher than last week (67.7%) and also higher than it was over the same week last year (55.8%).

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Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

 

There were 31 Perth auctions this week, compared to 10 last week and 25 one year ago. Perth’s preliminary clearance rate is 41.2%, compared to 44.4% last week and 52.6% one year ago.

Canberra’s clearance rate was 63.6 per cent this week across 64 auctions. Last week the city saw 63.2% of auction sell, while one year ago the clearance rate was significantly lower at 52.6%.

Tasmanian auctions have been reported to CoreLogic RP Data this week and preliminary results show only 1 sold.

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

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Auctions Clearance Rates

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