Preliminary figures show 70.7 per cent of auctions were successful across the combined capital cities, while auction activity falls week-on-week

The combined capital city preliminary clearance rate increased to 70.7 per cent this week, up from 67.3 per cent last week, while auction volumes fell week-on-week. There were 1,751 properties taken to auction this week, down from 2,001 last week, although higher than this time last year, when 1,399 auctions were held and a clearance rate of 70.6 per cent was recorded. Over the past 5 weeks, the final clearance rate across the combined capital cities has been sitting in the mid-high 60 per cent range and it is likely that this will be the case again on Thursday when our final results are published. All but two of the capital cities saw the clearance rate increase week-on-week while Melbourne recorded the highest preliminary clearance rate at 73.9 per cent.

Across Melbourne, preliminary results show that 73.9 per cent of the 716 reported auctions sold this week. There were 812 properties taken to auction across the city, down from 874 last week when the final clearance rate was recorded at 70.8 per cent. Over the same week last year, 619 auctions were held and a clearance rate of 71.8 per cent was recorded. The West region of Melbourne had the highest number of auctions this week (149), with a preliminary clearance rate of 71.6 per cent. However, the strongest rate of clearance was recorded across the Outer East region, where 80.6 per cent of the 72 reported auctions were successful.

Sydney was host to 650 auctions this week and a preliminary clearance rate of 72.5 per cent was recorded, rising from 68.0 per cent last week across 840 auctions. The final clearance rate for Sydney has been below 70 per cent for the last 4 weeks so it will be interesting to see if this continues on Thursday. One year ago, 512 auctions were held across Sydney and 76.5 per cent were successful. Looking at the sub-regions of Sydney, 7 of the 15 sub-regions recorded clearance rates above 75.0 per cent with the stand outs being the Eastern Suburbs (88.5 per cent), Baulkham Hills and Hawkesbury (83.3 per cent), Central Coast (81.0 per cent) and Ryde (79.3 per cent) regions.

The preliminary clearance rate in Brisbane this week rose to 57.7 per cent, from 51.6 per cent last week. Auction volumes were slightly lower this week with 112 auctions held, down from 118 last week. Meanwhile, across the Gold Coast, 51.6 per cent of the 31 reported auctions were successful.

In Adelaide, a 56.1 per cent preliminary result was recorded this week across 61 auctions. Last week, 80 Adelaide auctions returned a clearance rate of 60.6 per cent for the city, while at the same time last year, 68 homes were taken to auction, with 69.5 per cent recording a successful result.

Perth’s clearance rate of 50.0 per cent across 16 auction results is up from last week, when 44 auctions were held and a clearance rate of 40.5 per cent was recorded. Over the same week last year, the clearance rate was a lower 33.3 per cent, and 22 auctions were held.

Across Canberra, 65 homes were taken to auction this week. Preliminary results show a clearance rate of 63.0 per cent, down from 71.4 per cent the previous week.

Tasmania was host to 10 auctions this week and so far 8 have been reported with 5 sales.

Source: CoreLogic Feed