Auction Volumes Increase Across All But One of the Capital Cities This Week

Auction volumes increase across all but one of the capital cities this week, returning a preliminary clearance rate of 70.7 per cent across 2,759 auctions.

Auction volumes have increased across all but one of the capital cities this week with a total of 2,759 homes taken to auction, making it the busiest week for auctions since the end of May. So far, 2,226 results have been reported to CoreLogic, returning a preliminary clearance rate of 70.7 per cent, up from last week’s final clearance rate of 66.7 per cent across 2,510 auctions. The final clearance rate across the combined capital cities has been holding around 66 per cent for the last 3 weeks so it will be interesting to see if this is the case again on Thursday once the remaining results have been collected. One year ago, the final auction clearance rate was recorded at 75.4 per cent and there were 2,480 auctions held across the capital cities.

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Melbourne was host to 1,359 auctions this week and so far, 1,140 results have been reported, returning a preliminary clearance rate of 73.9 per cent, while last week, 1,265 auctions were held and a final clearance rate of 71.4 per cent was recorded. At the same time last year, Melbourne’s clearance rate was 77.2 per cent across 1,103 auctions. Looking at the sub-regions, the Inner region was the busiest for auctions across Melbourne, with 273 homes going up for auction. Preliminary results show that 72.0 per cent of the 239 reported results were successful. The North West region recorded the strongest clearance rate of 85.4 per cent across 101 auctions.

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Sydney’s preliminary auction clearance rate was 71.5 per cent across 1,014 auctions this week, after last week saw the final clearance rate slip below 65 per cent for the first time this year (64.2 per cent across 916 auctions), although as usual this is likely to revise lower over the next few days as more results are collected. The current clearance rate across Sydney is significantly lower than this time last year when 80.4 per cent of the 946 auctions held were successful. There were 7 Sydney sub-regions that recorded an individual clearance rate higher than the city as a whole this week. Northern Beaches (84.7 per cent), Central Coast (84.6 per cent) and Ryde (84.6 per cent) had the highest clearance rates.

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Across Brisbane the preliminary clearance rate was 51.5 per cent this week. There have been 99 auctions reported to CoreLogic, with a total of 125 held across the city, down from 133 last week. For the Gold Coast, 16 results have been reported with a success rate of 37.5 per cent.

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There were 122 Adelaide auctions this week, compared to 100 last week and 131 at the same time last year. The cities preliminary clearance rate this week was 60.6 per cent, down from 68.2 per cent last week and lower than one year ago (78.2 per cent).

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Perth’s clearance rate of 36.0 per cent across 25 auction results is similar to last week, when 33 auctions were held and a clearance rate of 35.7 per cent was recorded. Over the same week last year, the clearance rate was a lower 29.5 per cent, and 50 auctions were held.

In Canberra, 69.2 per cent of the 78 reported auction results for Canberra were sold this week, down from 71.9 per cent last week and higher than last year (68.4 per cent).

There were 3 Tasmanian auctions reported to CoreLogic this week, with 2 sales.