Auction Markets Remain Firm (30/10/16)

Auction markets remain firm, recording the 14th consecutive week where the combined capital city clearance rate remains above 70%.

The final weekend of October shows the auction clearance rate remains high across the combined capital cities, recording above 70.0 per ent for the 14th consecutive week. There were 2,246 auctions held across the capital cities, with a preliminary auction clearance rate of 77.6 per cent, showing only a slight decrease over last week’s final clearance rate of 78.1 per cent across 2,680 auctions. This is higher than the corresponding week last year, where 61.0 percent of the 2,547 capital city auctions were successful. The strong clearance rate continues to be supported by exceptionally strong auction market conditions in Sydney where the preliminary clearance rate was recorded at 84.4 per cent across almost 1,100 auctions, while the preliminary clearance rate in Melbourne (78.6 per cent), Canberra (71.1 per cent) and Adelaide (75 per cent) also tracked above 70 per cent.

Total auction numbers down in Melbourne

Across Melbourne, despite the distraction of the Spring Racing Carnival this week’s preliminary clearance rate was recorded at 78.6 percent, down from a high of 80.6 percent last week and remaining well above the clearance rate for the city one year ago (65.6 percent). This week, Melbourne was host to 629 auctions, lower than the 1,377 held last week and consistent with the same period last year, reporting the same volume (629) over the corresponding week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North West region.

Sydney numbers down on last year

Across Sydney, 1,096 homes were taken to auction this week with a preliminary clearance rate of 84.4 per cent across 906 reported results. Last week, the final clearance rate for the city was 82.6 percent, across 897 auctions. One year ago, 1,391 Sydney homes were taken to auction and the clearance rate was 60.2 percent. This week, the performance across Sydney’s individual sub-regions was varied. Across the Northern Beaches region, where 83 results have been reported so far, the preliminary clearance rate was 94.0 percent, across Inner South West (74.0 percent), and Parramatta (67.2 per cent) the success rate of reported auctions was lower.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EDST 30/10/2016):

• Sydney – 84.4% clearance, 1,096 total auctions, 906 results reported, 765 cleared, 141 uncleared
• Melbourne – 78.6% clearance, 629 total auctions, 527 results reported, 414 cleared, 113 uncleared
• Brisbane – 52.6% clearance, 192 total auctions, 114 results reported, 60 cleared, 54 uncleared
• Adelaide – 75.0% clearance, 166 total auctions, 120 results reported, 90 cleared, 30 uncleared
• Perth – 50.0% clearance, 60 total auctions, 18 results reported, 9 cleared, 9 uncleared
• Tasmania – 16.7% clearance, 10 total auctions, 6 results reported, 1 cleared, 5 uncleared
• Canberra – 71.1% clearance, 93 total auctions, 76 results reported, 54 cleared, 22 uncleared