Sydney’s clearance rate under 60% for the third week in a row: CoreLogic RP Data's Shana Miller

Sydney’s clearance rate under 60% for the third week in a row: CoreLogic RP Data's Shana Miller
Sydney’s clearance rate under 60% for the third week in a row: CoreLogic RP Data's Shana Miller

The number of homes taken to auction remains high, with 3,087 auctions held this week, down from 3,274 over the previous week, however, the preliminary clearance rate of 60.8% has fallen, down from 62.3% last week, mainly due to the drop in Melbourne’s clearance rate, which is currently sitting below 65%. Over the corresponding week last year, the clearance rate was a stronger 65.7% and 3,315 auctions were held.

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Sydney’s clearance rate under 60% for the third week in a row: CoreLogic RP Data's Shana Miller

 

Melbourne’s clearance rate remains under 70 per cent for the 5th week in a row, with this week’s preliminary clearance rate recorded at 64.7 per cent, down from 69.8 per cent last week, and weaker than the clearance rate for the city one year ago (66.1 per cent). This week, Melbourne was host to 1,477 auctions, lower than the 1,567 held last week, but higher than a year ago when there were 1,433 Melbourne auctions held over the week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North East region. So far, CoreLogic RP Data has collected 153 results for the region and the preliminary result shows 71.9 per cent of these auctions were successful.

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Sydney’s clearance rate under 60% for the third week in a row: CoreLogic RP Data's Shana Miller

 

Across Sydneythe preliminary auction clearance rate was 59.3 per cent this week, the third week in a row where Sydney has recorded a result below 60 per cent. Last week, Sydney’s clearance rate was 58 per cent, the lowest clearance rate seen since the week ending 10 February 2013 (55 per cent); significantly lower than one year ago, where results show that 71.8 per cent of Sydney homes taken to auction were successful. In terms of the number of auctions across the city, this week volumes were lower, down to 1,080 from 1,223 last week. One year ago 1,337 Sydney homes were taken to auction. The Eastern suburbs sub-region of Sydney has shown the strongest performance so far this week, with 82.6 per cent of the 69 reported results selling, with 33 remaining results yet to be collected.

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Sydney’s clearance rate under 60% for the third week in a row: CoreLogic RP Data's Shana Miller

 

The preliminary clearance rate in Brisbane this week was 43.6 per cent, up from 39.5 per cent over the previous week. Auction volumes were higher this week with 226 auctions held, up from 198 last week. Meanwhile, across the Gold Coast, 32 per cent of the 50 reported auctions were successful.

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Sydney’s clearance rate under 60% for the third week in a row: CoreLogic RP Data's Shana Miller

 

Adelaide recorded a clearance rate of 66.7 per cent across 141 auctions this week, up from 52.4 per cent across 121 auctions last week. At the same time last year, 147 homes were taken to auction, with 61.2 per cent recording a successful result.

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Sydney’s clearance rate under 60% for the third week in a row: CoreLogic RP Data's Shana Miller

 

There were 39 Perth auctions this week and so far 22 results have been reported, with just 36.4 per cent selling. Last week there was a 44.4 per cent clearance rate for Perth across 39 auctions and at the same time last year, 38.3 per cent of the 55 auctions held were successful.

Canberra’s clearance rate was 63.6 per cent this week across 111 auctions, compared to 63.2 per cent last week across 102 auctions.

Of the 5 Tasmanian auction results reported so far this week, 1 sale has been recorded.

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auctions Clearance Rates

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