Auction Volumes Across the Combined Capital Cities Reach Their Highest Level Year-to-Date
Preliminary clearance rates hold firm as volumes across the combined capital cities reach their highest level year-to-date and Melbourne records its busiest auction week on record.
This week, the combined capital cities saw the number of auctions held reach a new year-to-date high, with a total of 3,690 held, surpassing the previous 2017 high recorded over the week prior to Easter when 3,517 auctions were held. The higher volumes returned a preliminary auction clearance rate of 67.8 per cent, rising from a final clearance rate of 64.7 per cent last week, when fewer auctions were held (2,519). This week’s surge in volumes can be attributed to activity across Australia’s largest auction market in Melbourne, where volumes across the city reached their highest on record this week, with 1,983 held recording a preliminary auction clearance rate of 71.7 per cent. Sydney also saw a substantially higher volume of auctions this week with 1,196 homes taken to auction, recording a clearance rate of 64.1 per cent. Sydney’s clearance rate has been consistently below 65 per cent since the first week of October. Activity across the remaining auction markets was varied with Brisbane recording the lowest preliminary clearance rate (47.1 per cent). Historically auction volumes have peaked around late November / early December; if this trend holds true this year, we could see new records being set for auction volumes as the Spring season concludes.
The number of Melbourne homes taken to auction this week reached a record high, with a total of 1,983 held, returning a preliminary auction clearance rate of 71.7 per cent. This week is not only the highest year-to-date for the city, but the highest volume of auctions we have on record; with this week surpassing the previous peak over the week ending 29 Nov, 2015 when 1,876 auctions were held. Over the corresponding week last year, volumes were substantially lower, when 632 auctions were held and a 77.5 per cent rate of clearance was recorded. Across the sub-regions of Melbourne, Mornington Peninsula recorded the highest clearance rate with 80.4 per cent of the 69 auctions successful, while the Inner region hosted the most auctions (354).
Sydney’s preliminary auction clearance rate this week was 64.1 per cent across a higher volume of auctions week-on-week, with 1,196 held across the city, increasing from 61.3 per cent last week when 823 auctions were held. Over the same week one year ago, 1,100 homes were taken to auction across Sydney and a clearance rate of 80.5 per cent was recorded. North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 192 properties taken to auction. The preliminary clearance rate for the region is 69.8 per cent across 139 results.
There were 188 Brisbane auctions this week returning a preliminary clearance rate of 47.1 per cent, virtually unchanged from 47.0 per cent last week across 174 auctions and higher than one year ago when there were 192 auctions with a success rate of 46.6 per cent. The Gold Coast’s preliminary clearance rate was 44.9 per cent across 49 results this week.
A total of 143 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 70.0 per cent, down from 61.9 per cent last week when 148 auctions were held across the city.
There were 46 Perth auctions this week, with 54.5 per cent clearing, rising from last week when 44 auctions were held and 40.0 per cent cleared.
Canberra’s clearance rate was 77.1 per cent this week across 128 auctions, up from 68.2 per cent last week across 71 auctions.
There were 6 Tasmanian auctions held this week, with 3 reported as sold.