Clearance rate below 70% for the fifth week running: CoreLogic RP Data's Shana Miller

Clearance rate below 70% for the fifth week running: CoreLogic RP Data's Shana Miller
Clearance rate below 70% for the fifth week running: CoreLogic RP Data's Shana Miller

It was another busy week for auctions across the combined capital cities with 2,817 auctions held after the previous week saw 3,016 properties taken to auction; the highest volumes have been since March this year.

The preliminary clearance rate of 69.3% has remained below 70% for the 5th week in a row, down from 69.5% last week. This time last year, the clearance rate was 68.6%, although volumes were lower with only 2,449 auctions held.

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Clearance rate below 70% for the fifth week running: CoreLogic RP Data's Shana Miller

 

In Melbourne, Australia’s largest auction market, 73.6% of the 1,193 reported auctions sold this week. There were 1,390 auctions held across the city this week, similar to last week, when there were 1,397 auctions and the final auction clearance rate was 73.4%. In comparison, over the same week last year, there were 1,167 auctions held with a clearance rate of 71.7 per cent. The Inner region of Melbourne had the highest number of auctions this week (287), with a preliminary clearance rate of 73 per cent. Meanwhile, the strongest clearance rate was recorded across the Outer East region, where 82.1 per cent of homes taken to auction sold based on the preliminary results.

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Clearance rate below 70% for the fifth week running: CoreLogic RP Data's Shana Miller

 

Across Sydney, 1,074 homes were taken to auction this week with a preliminary clearance rate of 66.6 per cent across 830 reported results, the lowest clearance rate for the year and also the third week in a row where Sydney’s clearance rate has been below 70 per cent. The last time the clearance rate was this low was the first week of December 2014 (66.1). Last week, the final clearance rate for the city was 69.6 per cent, across 1,197 auctions. One year ago, 929 Sydney homes were taken to auction and the clearance rate was 72 per cent. This week, the performance across Sydney’s individual sub regions was varied. Across the Outer South West region, where 21 results have been reported so far, the preliminary clearance rate was 47.6 per cent, while across the Inner West (80 per cent) and the Eastern Suburbs (76.8 per cent), the success rate of reported auctions was much higher.

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Clearance rate below 70% for the fifth week running: CoreLogic RP Data's Shana Miller

Brisbane was host to 146 auctions this week, down from 186 last week, and the preliminary clearance rate was 53.2 per cent, down slightly from 53.8 per cent over the previous week. At the same time last year, 46 per cent of the 159 auctions held were successful. In the Gold Coast, a clearance rate of 56.5 per cent was recorded across 23 results.

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Clearance rate below 70% for the fifth week running: CoreLogic RP Data's Shana Miller

 

A total of 93 Adelaide homes were auctioned this week and the preliminary auction clearance rate of 72.1 per cent is higher than the 64 per cent from the previous week across 127 auctions. One year ago, Adelaide’s clearance rate was a lower 53.3 per cent across 103 auctions.

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Clearance rate below 70% for the fifth week running: CoreLogic RP Data's Shana Miller

 

In Perth, just 16 auctions were held this week. Of the 8 results reported toCoreLogic RP Data so far, only 2 have been successful. Last week, the final auction clearance rate for Perth was 37.9 per cent across 34 auctions.

Across Canberra a total of 82 auctions were held this week, up from 68 last week and 55 at the same time last year. Canberra’s preliminary clearance rate of 67.3 per cent is stronger than it was the previous week (62.1 per cent).

Of the 12 Tasmanian auction results reported so far this week, 7 sales have been recorded.

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auction Clearance Rate

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