There was an increase in auction volumes over the week with 2,119 homes taken to auction across the combined capital cities, up from 1,851 over the previous week although lower than this time last year (2,519). Traditionally, auction activity ramps up around late October through to December each year and it is not uncommon to have weeks where volumes are in excess of 3,000 during that time so it will be interesting to see what volumes are like this year given the softening market.
Preliminary results show a clearance rate of 49.8 per cent across the combined capital cities, up from 47.0 per cent last week, however much lower than 12 months ago (64.7 per cent), marking the 4th consecutive week where the clearance rate has been below 50 per cent.
Melbourne was host to 1,088 auctions this week returning a preliminary clearance rate of just 47.5 per cent, after last week saw a 50.4 per cent success rate across 912 auctions, the lowest final clearance rate the city had seen since July 2012. Over the same week last year, 1,251 auctions were held and a final clearance rate of 70.3 per cent was recorded.
There were 659 auctions held in Sydney this week, up from 647 over the previous week. The preliminary clearance rate of 52.2 per cent is up from 45.1 per cent last week although we will see some downwards revision over the next few days as the remaining results are collected. One year ago, 823 auctions were held and the clearance rate came in at 61.3 per cent.
Looking at results by property type, units outperformed houses once again this week with 55.4 per cent of units selling at auction, while 47.6 per cent of houses sold across the combined capital cities.
Auction results by property type
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.