This week across the combined capital cities, the preliminary auction clearance rate rose to 71.7 per cent, up from last week when the final clearance rate fell to 67.5 per cent. There were 2,041 capital city auctions this week, virtually unchanged from last week’s 2,040 auctions as well as being higher than the 1,795 auctions held one year ago. Volumes continue to track higher than what was seen over the corresponding July-August period last year. Across the two largest markets, Melbourne’s preliminary clearance rate rose this week (77.7 per cent), after last week’s final results saw a weakening in the rate of clearance, falling below 70 per cent for the first time since July 16 (69.8 per cent), while Sydney’s clearance rate also improved up to 70.8 per cent this week, however volumes were lower week-on-week in Sydney, while Melbourne held more auctions this week than last.
Across Melbourne, this week’s preliminary clearance rate was recorded at 77.7 per cent, increasing from last week when the final clearance rate for the city fell below 70.0 per cent for the first time since July last year (69.8 per cent), and also higher than the 75.4 per cent one year ago. Melbourne was host to 997 auctions this week, higher than the 955 held last week, and higher than last year when there were 789 Melbourne auctions held over the week. Of the nine individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North East. So far, CoreLogic has collected 108 results for the region and the preliminary result shows 88.0 per cent of these auctions were successful.
Across Sydney, 704 properties were taken to auction this week with a preliminary clearance rate of 70.8 per cent across 558 reported results. Last week, the final clearance rate for the city was 67.6 per cent, across 798 auctions. Over the corresponding week last year, 687 Sydney homes were taken to auction and the clearance rate was 84.3 per cent. This week, the performance across Sydney’s individual sub regions was mixed. Across the South West region, where 42 results have been reported so far, the preliminary clearance rate was 61.9 per cent, while across North Sydney and Hornsby, 77.9 per cent of the 115 auctions cleared.
Brisbane’s preliminary auction clearance rate this week was 45.9 per cent, increasing from 43.8 per cent last week. There were 131 Brisbane auctions this week, compared to 103 last week. The Gold Coast was host to 52 auctions this week. Based on the results reported to CoreLogic so far, only 36.7 per cent have been sold.
There were 34 Perth auctions this week and so far 17 results have been reported, with 47.1 per cent selling. Last week there was a 39.1 per cent clearance rate for Perth.
In Canberra, 68 auctions were held this week, and of the 61 reported results, 75.4 per cent were successful. Last week, only 56 auctions were held and the clearance rate was a higher 87.0 per cent. This time last year, results were lower with 49 auctions held and a clearance rate of 66.7 per cent.
Of the 7 Tasmanian auction results reported so far this week, 2 sales have been recorded.