Despite the higher than expected clearance rates over the early phase of the new year auction market, auction volumes are yet to reach the same levels seen last year.  After the weighted capital city average auction clearance rate was tracking in the high 50 per cent range throughout December last year, auction results have shown a higher than expected bounce, with the clearance rate holding higher than 70 per cent over the past three weeks.  The preliminary clearance rate of 72.3 per cent has moved higher compared to last week (71.8 per cent). This week’s preliminary clearance rate is lower relative to last year’s results of 77.3 per cent. This week, 2,215 capital city auctions took place, compared to 1,400 last week and 2,372 one year ago. Over the next few weeks it is expected that auction activity will continue to ramp up which will further test the resilience of auction markets on higher volumes.

This week Melbourne’s preliminary auction clearance rate was 73.0 per cent. Melbourne’s auction volumes continue to climb, up from 556 last week to 1,057 this week, which is similar to last year (1,074). On a year to date basis, Melbourne’s auction activity is just -1.4 per cent lower than over the same period last year. This week, Inner Melbourne (234), Inner South Melbourne (157) and Inner east Melbourne (146) were the busiest sub-regions across the city, however the best performing region in terms of clearance rate was the Outer East, where 54 auctions were reported with a clearance rate of 79.6 per cent. All regions with the exclusion of Mornington Peninsula (62.5 per cent) saw clearance rates of at least 70 per cent this week.

After recording the highest clearance rate for the city since August 2015 last week (78.1 per cent), Sydney’s preliminary results show that the clearance rate for the city has slipped slightly lower this week, currently recorded at 77.2 per cent. This week 724 auctions were being tracked across the city, higher than the 513 last week, but lower than one year ago when 921 auctions were held across the city. Having recorded a relatively strong clearance rate for the past three weeks, it will be interesting to see if strength is maintained as auction volumes pass the 1,000 mark over the coming weeks.  Preliminary results show that the performance of each individual sub-region across the city is diverse, with clearance rates as low as 50 per cent In Baulkham Hills and Hawkesbury (albeit on a very low volume of auctions with just 12 results reported) and as strong as 88.2 per cent for the City and Inner South Region and 88 per cent across the Eastern Suburbs.

The preliminary clearance rate for Brisbane was 54.5 per cent this week, compared to a final auction clearance rate of 48.4 per cent last week and a stronger 63.6 per cent last year. More homes went to auction this week (169) compared to last week (111) and relative to last year (119). This week’s preliminary clearance rate for the Gold Coast across the 18 reported results is 50 per cent.

69.9 per cent of Adelaide auctions were successful this week, based on preliminary results. Last week a clearance rate of 75 per cent was reported and one year ago it was significantly lower at 53.3 per cent, however Adelaide’s clearance rate tends to move more than cities with larger auction volumes on a week on week basis.

Preliminary results show 46.2 percent of Perth auctions sold this week, with 13 reported results so far. In comparison, last week the clearance rate was 31.6 percent, while one year ago 46.4 percent of Perth auctions were successful.

This week auction volumes almost doubled in Canberra, with 104 homes taken to auction, compared to 59 last week. Despite the rise in auction activity, Canberra’s preliminary clearance rate has remained steady at 71.2 percent over the past two weeks. Canberra’s auction market has started 2016 in a relatively strong position, with four consecutive weeks of clearance rates above the 70 per cent mark, similar to what we saw one year ago.

There were 10 auctions across Tasmania this week. Based on preliminary results, five of the six reported auctions were successful.