Across the combined capital cities this week, the number of homes taken to auction rose to 2,011, compared with 1,857 over the previous week. This was the largest number of auctions held since the last week of June 2017 and approximately one third higher compared with the same week a year ago. The preliminary auction clearance rate of 70.5 per cent has increased relative to last week’s final clearance rate, up from 68.2 per cent. However as more results are collected it is expected that the final auction clearance rate will revised lower to remain within the high 60 per cent range where it has tracked since the first week of June. Over the corresponding week last year, the clearance rate was 75.0 per cent and 1,471 auctions were held. In Sydney, the preliminary clearance rate rose to 72.0 per cent, which was higher than Melbourne’s preliminary clearance rate of 71.0 per cent. Afar Melbourne has remained the stronger performer for many weeks it is possible that Melbourne’s final clearance rate could drop below the 70 per cent mark for the first time since July last year.
Across Melbourne, this week’s preliminary clearance rate was recorded at 71.0 per cent, down from last week’s final clearance rate of 73.9 per cent and lower the clearance rate for the city one year ago (78.9 per cent). This week, Melbourne was host to 948 auctions, higher than the 911 held last week, and substantially higher than a year ago when there were 605 Melbourne auctions held over the week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North East. So far, CoreLogic has collected 112 results for the region and the preliminary result shows 78.6 per cent of these auctions were successful.
Sydney’s preliminary clearance rate this week was 72.0 per cent across 625 auction results. There were a total of 782 auctions held across the city. Looking back at this weekend last year, 635 auctions were held across Sydney and a clearance rate of 78.3 per cent was recorded. The North Sydney and Hornsby region hosted the most auctions of any Sydney sub-region this week, with 138 properties taken to auction. The preliminary clearance rate for the region is 77.8 per cent across 108 results.
Brisbane was host to 100 auctions this week and so far 63 results have been reported, recording a preliminary clearance rate of 54.0 per cent. Last week, auction volumes across the city were higher with 156 auctions held across the city and a 48.7 per cent clearance rate recorded. The number of homes taken to auction this week increased across the Gold Coast with 49 properties up for sale this week. Of the 20 results reported, 30.0 per cent were successful.
This week, Adelaide saw a preliminary clearance rate of 72.9 per cent, with 59 reported results across a total of 87 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 63.0 per cent and 68.8 per cent one year ago.
In Perth, 32 auctions took place this week, with 10 results reported so far. Perth’s preliminary clearance rate of 40.0 per cent across these 10 results is lower both last week’s result (47.1 per cent) and the clearance rate from one year ago (52.0 per cent).
Across Canberra a total of 57 auctions were held this week, compared to 69 last week and 51 at the same time last year. Canberra’s preliminary clearance rate of 87.0 per cent is higher than it was the previous week (70.3 per cent).
Tasmania saw 5 auctions take place this week, 2 results have been reported so far, with 1 sales.