Auction Volumes Lower Slightly, While The Preliminary Clearance Rate Rises To 63.5%

There were 3,276 auctions held across the combined capital cities this week, returning a preliminary auction clearance rate of 63.5 per cent, increasing on last week’s final auction clearance rate of 61.1 per cent when the combined capitals recorded the third busiest week for auctions so far this year (3,438). Over the same week last year, auction volumes were similar to this week (3,207), although the clearance rate was considerably higher at 72.3 per cent. Across the two largest auction markets, Melbourne and Sydney, both cities saw an increase in the rate of clearance over the week, however the 66.0 per cent preliminary clearance rate across Melbourne is only slightly higher than last week’s final; this is likely to revise lower as final results are collected and potentially surpass last week as the lowest seen since June 2016. While the performance across the smaller markets was varied this week, with Canberra recording the highest preliminary clearance rate of 75.6 per cent, while only 44.9 per cent of homes sold across Brisbane.

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In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 66.0 per cent was recorded across 1,652 auctions this week. Last week, Melbourne’s final clearance rate was recorded at 65.5 per cent across 1,736 auctions, making it the lowest clearance rate the city has seen since June 2016. While one year ago, 1,416 homes were taken to auction across Melbourne and a clearance rate of 77.3 per cent was recorded. The busiest Melbourne sub-regions this week were Melbourne’s Inner region and Inner South region, where 290 and 256 auctions were held respectively. 

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Across Sydney, 1,126 auctions were held this week, down from 1,215 over the previous week. The preliminary clearance rate of 62.4 per cent is up from 56.8 per cent last week, however still lower than this time last year, when a clearance rate of 75.2 per cent was recorded across 1,182 auctions. Looking at the sub-regions of Sydney, the Ryde region recorded the strongest clearance rate of 73.9 per cent across 75 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (182).

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Brisbane’s preliminary clearance rate this week was 44.9 per cent, down from 52.1 per cent last week. There were 191 Brisbane auctions this week, compared to 153 last week. The Gold Coast was host to 65 auctions this week. Based on the results reported to CoreLogic so far, only 32.4 per cent have been sold. 

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This week, Adelaide saw a preliminary clearance rate of 64.6 per cent, with 99 reported results across a total of 141 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 63.4 per cent and 65.3 per cent one year ago.

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Perth’s clearance rate of 47.6 per cent across 50 auctions is up from the previous week, when 43 auctions were held and a clearance rate of 33.3 per cent was recorded.  Over the same week last year, the clearance rate was a higher 55.1 per cent, and 89 auctions were held.

Across Canberra a total of 105 auctions were held this week, compared to 128 last week and 136 at the same time last year. Canberra’s preliminary clearance rate of 75.6 per cent is higher than it was the previous week (61.7 per cent).

There were only 11 Tasmanian auctions held this week. 4 were reported as sold.