Auction Clearance Rates Continue To Track Below 70%
This week, there were 2,894 auctions held across the combined capital cities returning a preliminary auction clearance rate of 66.5 per cent, increasing on last week when the final auction clearance rate fell to its lowest reading since early 2016, when 61.5 per cent of the 2,045 auctions cleared. Clearance rates have continued to track below 70 per cent since June the year; this is a considerably softer trend than what was seen over the same period last year when clearance rates were tracking around the mid 70 per cent range for most of the second half 2016. Results across each of the individual markets were varied this week, with Canberra recording the highest preliminary auction clearance rate of 72.9 per cent, while in Brisbane only 45.7 per cent of auctions cleared.
Across Australia’s largest auction market Melbourne, a preliminary auction clearance rate of 71.4 per cent was recorded across 1,299 auctions this week, down from last week’s final clearance rate of 74.3 per cent across a much lower volume of auctions (318). Over the same week last year, 1,329 homes were taken to auction across Melbourne and a clearance rate of 76.8 per cent was recorded. The Inner region of Melbourne held the most auctions this week (207), with a preliminary clearance rate of 66.5 per cent. Meanwhile, the strongest clearance rate was recorded across the West region with an 82.2 per cent success rate across 189 auctions.
Sydney returned a preliminary auction clearance rate of 64.4 per cent this week, rising from last week’s 59.8 per cent, while one year ago 81.4 per cent of Sydney homes taken to auction were successful. Auction volumes decreased week-on-week, with 1,089 auctions held this week, down from the 1,232 held last week, while one year ago the exact same volume of auctions was recorded (1,089). The Ryde sub-region of Sydney recorded the highest preliminary clearance rate this week, with 88.6 per cent of the 49 auctions held reporting as sold, while the North Sydney and Hornsby region held the most auctions (196), with 66.1 per cent clearing.
The preliminary auction clearance rate across Brisbane this week was 45.7 per cent, down from 47.7 per cent over the week prior. Auction volumes were higher this week with 209 auctions held, up from 169 last week. Meanwhile, across the Gold Coast, 52.9 per cent of the 34 reported auctions were successful.
This week, Adelaide saw a preliminary clearance rate of 65.0 per cent across a total of 126 auctions, increasing slightly from the previous weeks 64.1 per cent across 129 auctions. One year ago, 133 auctions were held with 67.3 per cent clearing.
Perth’s clearance rate of 61.9 per cent across 39 auctions is up from the previous week, when 48 auctions were held and a clearance rate of 44.1 per cent was recorded. Over the same week last year, the clearance rate was a lower 37.5 per cent, and 43 auctions were held.
In Canberra, 125 auctions were held this week returning a 72.9 per cent preliminary clearance rate. Last week, 148 auctions were held and the clearance rate was a lower 66.7 per cent. Over the same week last year, 97 auctions held and a clearance rate of 76.2 per cent was recorded.
There were 7 Tasmanian auctions held this week, of the 4 results collected half reported as sold.