September quarter auction clearance rates ease with Tassie going against the trend: CoreLogic

The clearance rate across the combined capital city auction market fell to 67.8% over the September 2017 quarter, down from 71.7% over the June quarter, according to CoreLogic.

On a quarterly basis, clearance rates fell across the larger auction markets, with Sydney down 6.5% to 66.8%.

Melbourne was down 3.1% to 72.6%, while clearance rates also fell across Brisbane (2.3%) and Adelaide (1.5%).

Clearance rates improved across the smaller markets, with Tasmania recording the largest increase in clearance rates over the September quarter, up 13.2% to 65.6%, followed by Perth, up 6.3% to 43.4%.

Canberra increased by 2.8% to 71.1%.

Overall, the combined capital city clearance rate for the September quarter is lower on both a quarterly and annual basis.

Looking at auction volumes across the combined capital cities, there were 1,278 fewer homes taken to auction over the September quarter when compared to June 2017.

Brisbane was the only capital city to see an increase in auctions over the quarter, with an additional 88 homes taken to auction.

Although the number of auctions held across the combined capital cities fell over the quarter, auction activity is 26.4% higher than the same time last year, with 27,953 homes taken to auction over the September 2017 quarter, up from 22,119 in September 2016. 

Across the non-capital city markets monitored by CoreLogic, the Sunshine Coast (up 2.6%) and Geelong (up 2.3%) were the only regions to see an increase in the auction clearance rate over the September quarter.

The biggest fall was seen across Wollongong, where the clearance rate fell 14.4% from 70.4% over the June quarter, to 56.1% over the September quarter.

Clearance rates across the Hunter region remained relatively stable, down just 0.6% over the quarter, while the Gold Coast clearance rate fell 5.6% to 39.1%.

Auction volumes fell across all but one of the regional markets over the September quarter, with the Sunshine Coast the only place to see an increase in activity, hosting an additional 73 auctions.

Compared to this time last year, Geelong saw a significant increase in auction activity with 501 auctions held this quarter, 154 more than September 2016.