News & Research

Weaker preliminary clearance rates as the volume of auctions reaches new record highs

This week saw Canberra, Adelaide and the combined capital cities all recording their busiest auction weeks since CoreLogic records commenced in 2008. Across the combined capitals 4,261 homes went under the hammer, marking the first time the volume of capital city auctions has exceeded 4,000 and overtaking the week ending 25th March 2018 (3,990) as the busiest auction week on record. Last week, 3,720 capital city homes went under the hammer, while this time last year 2,168 auctions occurred.

Capital City Auction Statistics (Preliminary)

Demand hasn’t quite kept pace with the surge in auctions held, with the preliminary clearance rate continuing the softening trend evident since early October, slipping further this week, with 71.4% of the 3,471 results collected so far selling before, at or after auction. Last week reported a preliminary clearance rate of 74.5%, later revised to 70.3%, while this time last year 70.6% of auctions were successful.

Weekly clearance rate, combined capital cities

Melbourne recorded its busiest week since late March and its lowest preliminary clearance rate since the middle of September. This week 1,891 auctions were held, up 14.1% from the week prior when 1,657 homes were taken to auction. With 1,613 results collected so far, Melbourne recorded a preliminary clearance rate of 68.5%. Last week a preliminary clearance rate of 72.7% was recorded, which was revised down to 68.6% at final figures. This time last year 69.3% of the 909 auctions held were successful. Despite the increase in volumes, Melbourne’s withdrawal rate has remained steady at 9.8%.

Capital City Auction Statistics (Preliminary)

Originally predicted to break its all-time record, Sydney disappointed this week, with 5% of scheduled actions postponed, likely due to the weather. With 1,577 homes taken to auction across the city, this week was Sydney’s second busiest on record and the busiest since late November 2014 when 1,631 homes went under the hammer. Last week 1,352 homes went to auction while this time last year 886 auctions were held. With 1,281 results collected so far, Sydney reported a preliminary clearance rate of 71.4% - its lowest reading over the year-to-date. Last week a preliminary clearance rate of 73.4% was recorded, which was revised down to 68.7% at final figures, while 72.5% of auctions held this time last year were successful.

Across the smaller capitals, Canberra’s preliminary clearance rate rose (from 85.7% last week to 88.2%) this week despite reporting its highest ever volumes (184). Adelaide also recorded its busiest ever week (299) but saw its preliminary clearance rate fall (from 79.6% last week to 78.7%). Brisbane took 256 home to auctions and reported a preliminary clearance rate of 74.5%, while 60% auctions held in Perth were successful. Two auctions were held in Tasmania this week, one unsuccessful result has been collected.

Sub-region auction statistics (preliminary)

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CoreLogic Australia

CoreLogic Australia

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