Combined capital clearance rate at 61% while auction volumes rise: CoreLogic RP Data's Shana Miller
Auction clearance rates fell for the third consecutive week across the combined capital cities, down to 61.0% last week across a total of 2,288 reported auction results.
The number of auctions due to be held across the capital cities this week rose to 3,068 from 2,547 last week when there were just 629 auctions held across Melbourne as the city prepared for Melbourne Cup.
This week, 1,262 auctions are scheduled for Melbourne and 1,297 across Sydney, accounting for over 80% of all capital city auctions. These figures also demonstrate just how much of an impact these two auction markets results can have on the weighted average clearance rate. Last week, Sydney’s final clearance rate fell to 60.2%, heightening the reality that the clearance rate could likely slip into the 50’s over the coming weeks to wrap up an otherwise strong year for the city.
Brisbane, Canberra, Sydney, and Perth are all expecting fewer auctions than last week, while in Melbourne and Adelaide, the number of auctions this week relative to last week is higher.
Compared to last year when there were 2,942 auctions held across the combined capitals, auction activity will be busier in Adelaide, Melbourne and Sydney this year, while volumes are expected to be slightly lower in Brisbane, Canberra and Perth as per below
Sydney: 1,297 this year, 1,261 last year
Melbourne: 1,262 this year, 1,139 last year
Adelaide: 151 this year, 131 last year
Canberra: 127 this year, 141 last year
Brisbane: 173 this year, 188 last year
Perth: 45 this year, 65 last year
In terms of clearance rates, last week the best performing capital city auction market was Canberra, where 71.0% of the reported auctions were successful. Following this was Melbourne, where the final auction clearance rate for the week came in at 65.6%.
This week, the busiest individual suburbs for auctions nationally are Mount Waverley (Vic) with 23, Glen Waverley (Vic) with 18 and Mosman (NSW) with 17.