Preliminary auction clearance rate remains strong, while auction volumes increased slightly across the combined capital cities

The amount of auction activity across the capital cities increased slightly this week, up from 2,824 last week to 2,850 this week, while this time last year auction volumes were lower, with 2,480 homes taken to auction across the combined capital cities. This week’s preliminary weighted average clearance rate across the combined capitals was 74.6 per cent, increasing from 73.1 per cent over the previous week and up from 67.7 per cent one year ago. Melbourne saw the highest preliminary clearance rate across the cities at 77.3 per cent, down slightly from last week, while across the remaining cities; clearance rates increased week-on week with the exception of Adelaide and Tasmania where clearance rates fell.

There were 1,350 Melbourne auctions this week, making it the busiest capital city for auctions. Across the 1,155 reported results, 77.3 per cent were successful this week. The number of auctions held and the clearance rate across Melbourne this week were very similar to last week, when 1,326 auctions were held and a clearance rate of 77.9 per cent was recorded. Interestingly, the clearance rate in Melbourne is yet to fall below 75.0 per cent so far this year. This week’s strongest performing Melbourne sub-region was the Outer East with 88.8 per cent of auctions clearing, followed by the North East (81.6 per cent) and the North West (81.3 per cent) based on preliminary results.

This week, 1,086 Sydney homes were auctioned and preliminary results show that 76.2 per cent were successful, increasing from 74.0 per cent last week across 1,075 auctions, although since Easter, the preliminary clearance rate for Sydney tends to revise down to the low 70 per cent mark by Thursday when our final results are published. One year ago, 811 auctions were held across Sydney and a clearance rate of 73.2 per cent was recorded. Looking at the sub-regions of Sydney, Ryde recorded the strongest clearance rate of 90.9 per cent across 46 auctions, followed by the Inner West (88.0 per cent), while the North Sydney and Hornsby region had the highest volume of auctions (163).

There were 159 Brisbane homes taken to auction this week, with 109 results reported so far. The preliminary clearance rate for the city is 56.0 per cent, up from 46.3 per cent last week and stronger than one year ago, when 41.7 per cent of the 192 properties taken to auction were successful. Across the Gold Coast 50 results have been reported so far, with a success rate of 48.0 per cent (24 sales).

Adelaide recorded a clearance rate of 54.9 per cent across 111 auctions this week, down from 62.9 per cent across 116 auctions last week. At the same time last year, 125 homes were taken to auction, with 52.6 per cent recording a successful result.

In Perth, 46 auctions were held this week, and of the 14 reported results, 71.4 per cent were successful. Last week, 50 auctions were held and the clearance rate was a lower 35.3 per cent. This time last year, 58 auctions were held and a clearance rate of 30.6 per cent was recorded.

Canberra’s clearance rate of 75.9 per cent across 93 auctions is up from the previous week, when 83 auctions were held and a clearance rate of 74.4 per cent was recorded.  Over the same week last year, the clearance rate was a lower 70.5 per cent, and 109 auctions were held.

Tasmania was host to 5 auctions this week and so far 4 have been reported with a clearance rate of 50.0 per cent.

Source: CoreLogic Feed