Number of auctions surges to the fourth highest week this year: CoreLogic RP Data's Shana Miller

Number of auctions surges to the fourth highest week this year: CoreLogic RP Data's Shana Miller
Number of auctions surges to the fourth highest week this year: CoreLogic RP Data's Shana Miller

This week 2,419 auctions were held across the combined capital cities, representing a substantial 26 percent rise in auction activity compared to the previous week when 1,920 capital city auctions were held.

This was the fourth highest number of weekly auctions held over the year to date. 

The rise in activity was coupled with a slight fall in preliminary combined capitals clearance rate, from 68.9 percent last week, to 68.0 percent this week. Much of the strength in the combined capitals clearance rate can be attributed to the two largest auction markets (Melbourne and Sydney), where clearance rates remained the strongest nationally.

One year ago, however, both Sydney and Melbourne recorded a clearance rate in excess of 80 percent, and the combined capital city clearance rate was 78.5 percent across 2,792 auctions.

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Number of auctions surges to the fourth highest week this year: CoreLogic RP Data's Shana Miller

Melbourne was by far the busiest capital city auction market this week, with 1,157 auctions held, up from 843 last week and lower than one year ago (1,248). Preliminary results for the city show 70.8 per cent of auctions sold this week, compared to 70.0 per cent last week and 80.2 per cent one year ago. Across each individual sub-region of the city, performance was somewhat varied with clearance rates ranging from as high as 78.3 per cent in the Outer East across 77 auctions and as low as 65.1 per cent in the South East across 121 auctions.

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Number of auctions surges to the fourth highest week this year: CoreLogic RP Data's Shana Miller

Across Sydney, a 75.0 percent clearance rate was recorded this week, based on preliminary results. There were 773 auctions held across the city, with 615 results reported so far. In comparison, last week’s clearance rate was 73.2 per cent, lower than this week, while one year ago, 85 percent of the 1,149 auctions held across the Harbour city were successful over the week. While Sydney’s clearance rate isn’t tracking at the same strong levels seen last year, the city has maintained a relatively strong clearance rate since mid-February this year.

This week, in fact, there were two sub regions that recorded a clearance rate above 80 per cent; Eastern Suburbs at 91.9 percent across 116 auctions and North Sydney and Hornsby at 83.3 percent across 114 auctions.

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Number of auctions surges to the fourth highest week this year: CoreLogic RP Data's Shana Miller

Brisbane had 190 auctions this week, up from 131 last week, but lower than the 213 one year ago. Preliminary results show a clearance rate of 40.2 percent across the city, compared to 50.9 percent last week and 48.0 percent at the same time last year. Across the Gold Coast 82 auctions were held this week, with 41 results reported so far. The preliminary clearance rate for the region was 41.5 percent.

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Number of auctions surges to the fourth highest week this year: CoreLogic RP Data's Shana Miller

The preliminary clearance rate for Adelaide was 52.6 percent this week with 122 auctions held, down from 68.8 percent last week across 92 auctions. At the same time last year, there was less auction activity (92) and a higher success rate (67.4 percent).

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Number of auctions surges to the fourth highest week this year: CoreLogic RP Data's Shana Miller

A total of 20 Perth auction results have been reported so far this week, with 10 sold. The preliminary clearance rate of 50.0 percent shows a week-on-week rise, compared to 42.9 percent last week across 35 results. Over the same week last year, just 21 Perth auctions were held and of the 17 reported results, 41.2 percent cleared.

There were 107 Canberra auctions this week, the busiest week since the week ending 20 March this year when 119 auctions were held. This week represents the third week this year where over 100 auctions have been held in Canberra. Preliminary results show 64.4 percent of Canberra auctions were successful, down from 67.2 percent last week and 68.3 percent one year ago.

So far this week, 6 Tasmanian auctions have been reported with a total of 4 sales 

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auctions Clearance Rates

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