First week of summer shows clearance rate slipping further: CoreLogic RP Data's Shana Miller

First week of summer shows clearance rate slipping further: CoreLogic RP Data's Shana Miller
First week of summer shows clearance rate slipping further: CoreLogic RP Data's Shana Miller

Auction volumes fell to 3,209 this week, after last week saw auction activity rise to the highest levels seen all year with 3,729 auctions held across the combined capital cities, bringing spring auction volumes to the highest on record.

The preliminary auction clearance rate slipped further this week, down to 59.2 per cent, compared to 60.1 per cent over the previous week. Over the same weekend last year, 3,507 homes were taken to auction and a clearance rate of 63.7 per cent was recorded.

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First week of summer shows clearance rate slipping further: CoreLogic RP Data's Shana Miller

 

In Melbourne, auction volumes remain high with 1,603 auctions held, despite falling from a record high of 1,876 last week. The clearance rate has fallen, with preliminary results showing a 63 per cent success rate, down from 65.9 per cent last week. This time last year, the clearance rate for Melbourne was 66 per cent across 1,733 auctions. The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 323 and 264 auctions were held respectively. The best performing regions in terms of clearance rates this week were Mornington Peninsular, with a clearance rate of 69.4 per cent, albeit on a low volume of reported results (36) and North East Melbourne, where the preliminary clearance rate was 68.4 per cent across a total of 152 results.

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First week of summer shows clearance rate slipping further: CoreLogic RP Data's Shana Miller 

Sydney was host to 1,051 auctions this week, down from 1,306 last week, while the preliminary clearance rate has fallen for the tenth consecutive week, to 55.6 per cent, from 56.2 per cent last week.  The latest result signifies the 5th week in a row where Sydney’s clearance rate has been under the 60 per cent mark. One year ago 1,294 Sydney homes were taken to auction over the week, and 66.1 per cent were successful. There were five Sydney sub-regions this week where the preliminary clearance rate was above 60 per cent including Inner West (66.1 per cent), Eastern Suburbs (65.2 per cent), City and Inner South (64 per cent) and Northern Beaches and North Sydney and Hornsby (both 62.5 per cent).

 

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First week of summer shows clearance rate slipping further: CoreLogic RP Data's Shana Miller

The preliminary clearance rate in Brisbane this week was 46.6 per cent, down from 47.3 per cent over the previous week. Auction volumes were lower this week with 200 auctions held, compared to 215 last week. Meanwhile, across the Gold Coast, 41.4 per cent of the 29 reported auctions were successful.

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First week of summer shows clearance rate slipping further: CoreLogic RP Data's Shana Miller

 

A total of 139 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 70.8 per cent across 96 results, the strongest clearance rate of any capital city this week. Last week, Adelaide’s clearance rate was 58 per cent across 158 auctions.

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First week of summer shows clearance rate slipping further: CoreLogic RP Data's Shana Miller

 

This week was Perth’s busiest of the year, with 80 auctions held this week. Perth’s clearance rate remained steady over the week, at 36 per cent.

Across Canberra a total of 121 auctions were held this week, compared to 98 last week and 87 at the same time last year. Canberra’s preliminary clearance rate of 67.1 per cent is higher than it was the previous week (58.3 per cent).

So far this week, 8 Tasmanian auctions were reported, with just two sales recorded, both prior to their associated auctions.

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auctions Clearance Rate

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