As the number of auctions held continues the seasonal rise, clearance rates are consistently trending lower, with the weighted average clearance rate recording seven weeks in a row below 50%
Capital City Auction Statistics (preliminary)
There were 2,384 auctions held across the combined capital cities this week, returning a preliminary auction clearance rate of 46.8 per cent, increasing on last week when the final auction clearance rate fell to its lowest reading since June 2012 (42.7 per cent, 1,541 auctions). Given this week’s preliminary result is the lowest we’ve seen yet, it’s likely that as final results are collected, this week’s final clearance rate could come in lower again, potentially nudging the low 40 per cent range.
Weekly Clearance Rate, Combined Capital Cities
The weighted average clearance rate has continued to track below 50 per cent for 7 consecutive weeks now; this is a considerably softer trend to what was seen over the same period last year when clearance rates were tracking around the low-mid 60 per cent range.
The weakening weighted result is largely attributed to softening conditions across the two largest auction markets of Melbourne and Sydney; these two cities have accounted for 83 per cent of all auctions held so far this year.
A preliminary clearance rate of 48.3 per cent was recorded across Melbourne this week, with 1,141 auctions held across the city, this was an increase on last week’s 45.7 per cent final result when a much lower 266 auctions were held. In Sydney, 48.4 per cent of homes sold at auction this week, after last week saw Sydney’s final auction clearance rate fall to its lowest since December 2008 (42.6 per cent). Volumes were relatively steady across Sydney week-on-week with 830 auctions held, up on the 813 held last week.
Results across each of the smaller markets were varied this week, with Adelaide recording the highest preliminary auction clearance rate of 47.5 per cent, while in Perth only 20 per cent of auctions cleared.
Auction Results by Property Type
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.
Sub-Region Auction Statistics