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Auction markets improve with the preliminary clearance rate bouncing back above 70% on the highest volumes since March 2015

A preliminary auction clearance rate of 71.3 per cent was recorded across the combined capital cities this week, having increased from 69.9 per cent last week, the lowest clearance rate since the end of March. Auction volumes were high, with a total of 2,820 auctions held over the week, up from 2,565 over the previous week. In comparison, at the same time last year, auction volumes were lower due to the AFL Grand Final in Melbourne; meaning only 1,369 auctions took place across the combined capital cities.

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The preliminary auction clearance rate across Melbourne was 73.3 per cent this week, down from the previous week’s final result of 73.7 per cent, making this week the fourth lowest clearance rate for the year. This week, Melbourne was host to 1,197 auctions, higher than the 1,127 held last week and significantly higher than a year ago when there were only 112 Melbourne auctions held over the week. Across Melbourne’s individual sub-regions, the strongest preliminary clearance rate this week was across the Outer East region at 81.8 per cent, followed by the Inner South region where the preliminary clearance rate was 80 per cent.

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There were 1,193 Sydney homes taken to auction this week and a preliminary clearance rate of 74.2 per cent across 974 results. Over the previous week, Sydney recorded the lowest final auction clearance rate for the year (70.7 per cent) and 1,041 auctions were held across the city. At the same time last year, 76.9 per cent of the 933 homes taken to auction recorded a successful result. This week, the strongest sub-region for clearance rates across Sydney was the Eastern Suburbs, with 89.8 per cent of the reported results clearing at auction.

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Brisbane’s preliminary clearance rate was 58.9 per cent this week, compared to 50 per cent last week and 48.9 per cent at the same time last year. Across Brisbane, a total of 199 auctions were held this week which is higher than both last week (143) and last year (179). Across the Gold Coast, 54.3 per cent of the reported auctions have sold.

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Adelaide hosted 127 auctions this week and across the 80 reported results, CoreLogic RP Data’s preliminary auction clearance rate is 68.8 per cent. Last week, Adelaide’s clearance rate was 71.4 per cent across the 99 auctions held, while at the same time last year 65.6 per cent of the 73 homes taken to auction were sold.

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For Perth, the number of homes taken to auction this week was 25, less than last week (31) and higher than last year (6). Meanwhile, Perth’s clearance rate of 36.4 per cent this week was lower than last week (38.5 per cent) and higher than last year (33.3 per cent).

Across Canberra 58 homes were taken to auction this week and the preliminary clearance rate across 36 reported auctions was 50 per cent.

There were 21 auctions across Tasmania this week, with 3 successful results out of the 18 reported.

by Shana Miller