Auction numbers up 15% over final quarter of year but clearance rate falls to lowest level since 2012.
Australia’s combined capital city auction clearance rate fell substantially in the final quarter of 2015 according to the CoreLogic RP Data Quarterly Auction Market Report (based on results from 28 September 2015 to 20 December 2015) released today.
Over the final three months of 2015, the average clearance rate fell from 73.4% over the September quarter to 62.1% for the December quarter.
Highest number of auctions for the quarter across capital city suburbs:
- Melbourne: Reservoir 275
- Sydney: Mosman 152
- Adelaide: Prospect 30
- Brisbane: Paddington 49
- Canberra: Kambah & Narrabundah 33
- Perth: Rivervale 16
Highest clearance rate for the quarter by capital city suburbs:
- Melbourne: Hoppers Crossing 95.7% (23 results from 23 auctions)
- Sydney: Drummoyne 89.4% (47 results from 48 auctions)
- Adelaide: Prospect 71.4% (28 results from 30 auctions)
- Brisbane: Runcorn 76.2% (21 results from 23 auctions)
- Canberra: O’Connor 81.0% (21 results from 23 auctions)
CoreLogic Head of Research Tim Lawless said, “In the face of a weaker result for clearance rates, auction volumes actually rose over the quarter with 33,604 auctions held; 15% higher when compared to the September quarter. In comparison to the same quarter in 2014, both auction volumes (34,016) and the weighted average clearance rate (66.2%) were lower this year relative to the December 2014 quarter.”
“Despite the lower capital cities clearance rate, on a city-by-city basis, Adelaide, Brisbane, Canberra and Melbourne all recorded a higher clearance rate in the December 2015 quarter, relative to the same period one year ago, albeit only slightly in some cities. The final results for the year further indicate that much of the overall weakness across the auction market can be attributed to the weakening performance across Sydney’s auction market where the clearance rate averaged 59.8% over the quarter compared with a more resilient result of 67.8% in Melbourne.”
Across the largest regional auction markets, Geelong topped the tables with a clearance rate of 64.2% over the quarter, slightly higher than what was recorded over the final quarter of the previous year.
Additional inquiries: Contact CoreLogic RP Data Customer Care on 1300 734 318 and speak to either Peta Crowe or Lyndall Blake. Mitch Koper is on annual leave.
In compiling this publication, RP Data Pty Ltd trading as CoreLogic has relied upon information supplied by a number of external sources. CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information.