Auction volumes bounce higher from last week with Sydney continuing to lead auction markets as the only city to record a preliminary clearance rate above 70%

Preliminary results

show that 67.8 per cent of reported auction results were sold this week, increasing from the dip to 65.7 per cent last week when auction volumes were lower. This week 2,139 capital city auctions were held, up from 1,100 last week and a similar volume compared to one year ago (2,268). At the same time last year, 77.3 per cent of auctions cleared. The trend in auction clearance rates has nudged lower over the last few weeks; across the quieter auction market last week, three cities recorded a clearance rate in excess of 70 per cent: Adelaide, Canberra and Sydney, while this week, Sydney is the only city where clearance rates are tracking above 70 per cent.

20160620 capital city

This week, 964 Melbourne auctions have been reported, showing a preliminary clearance rate of 68.2 per cent, an improvement from last week when 64.5 per cent of the 341 auctions sold. Although Melbourne’s clearance rate remains under 70 per cent for the second week in a row, the increase this week signifies Melbourne’s auction market is close to reverting back to the levels seen prior to the slow down over the Queen’s birthday weekend. At the same time last year, Melbourne’s clearance rate was 79.3 per cent, with a comparable number of auctions held across the city (1,084). This week, the Inner sub-region was the busiest for auctions across Melbourne with 202 homes going under the hammer. Preliminary results show that 67.6 per cent of the 185 reported results were successful.

20160620 Melbourne

Sydney’s preliminary auction clearance rate

was 74.7 per cent this week, having increased from 74.1 per cent last week. This week’s result is significantly lower than one year ago (82.4 per cent), however the city continues to maintain a much higher clearance rate than what was seen towards the end of 2015. In terms of activity across the Sydney auction market, 728 auctions were held this week, up from 463 last week and lower than the number held one year ago (862). Compared to the broad clearance rate of 74.7 per cent across Sydney this week, 8 individual sub-regions recorded a result higher than this, with the best performers the Ryde sub-region at 88.0 per cent and North Sydney and Hornsby at 85.5 per cent.

20160620 Sydney

Across Brisbane, the preliminary clearance rate was 44.3 per cent this week, down from 46.3 per cent last week and 52.2 per cent one year ago. So far this year, Brisbane’s clearance rate has remained around the high 40 per cent mark, which is reflective of the same performance seen across the city over the same period last year. 120 Brisbane auctions were held this week, 142 last week and 128 at the same time last year. For the Gold Coast, preliminary results show that the clearance rate was lower than Brisbane this week; at 40.0 per cent across a total of 40 reported results so far.

20160620 Brisbane

A total of 80 auctions were held in Adelaide this week, rising slightly from 75 last week and reflective of activity last year when 83 auctions were held. Preliminary results for the week show 67.7 per cent cleared, down from 75.4 per cent last week when the city recorded the highest clearance rate for the year to date.

20160620 Adelaide

The preliminary clearance rate for Perth this week was 34.8 per cent, compared to 28.6 per cent last week and 38.9 per cent last year. This week 55 Perth auctions were held with 23 results reported so far.

Canberra’s clearance rate fell to 58.0 per cent this week, after being recorded at a strong 73.9 per cent last week. There were 64 auctions held across Canberra this week, up substantially from just 30 last week. One year ago, 68.1 per cent of Canberra’s 52 auctions cleared.

There were 9 Tasmanian auctions held this week and with 7 results reported so far this week, 4 have sold.

Source: CoreLogic Feed