Preliminary auction clearance rate remains below 70 while activity holds firm

National auction clearance results for the week ending 22/10/2017 courtesy of CoreLogic

The trend towards softer auction market conditions has been led by the Sydney market where the final auction clearance rate has remained below 65% since the first week of October. Auction volumes were similar week-on-week, with 2,471 properties taken to auction, compared to 2,525 last week. This time last year, 2,680 homes were taken to auction and a clearance rate of 78.1 percent was recorded. Tasmania, the smallest auction market, recorded the highest preliminary clearance rate with 80.0 percent of the 5 reported auctions recording a successful result, followed by Melbourne with a preliminary clearance rate of 73.3 percent across 1,030 results.

Across Melbourne, preliminary results show that 73.3 percent of the 1,030 reported auctions sold this week. There were 1,224 properties taken to auction across the city, up from 1,223 last week when the final clearance rate was recorded at 73.2 percent. Over the same week last year, 1,377 auctions were held and a clearance rate of 80.6 percent was recorded. The Inner region of Melbourne had the highest number of auctions this week (210), with a preliminary clearance rate of 70.6 percent. However, the strongest rate of clearance was recorded across the North West region, where 82.4 percent of the 108 reported auctions were successful. 7 of the 9 sub-regions recorded clearance rates above 70.0 percent.

Sydney was host to 806 auctions this week and a preliminary clearance rate of 68.8 percent was recorded, rising from 63.3 percent last week across 928 auctions. One year ago, 897 auctions were held across Sydney and 82.6 percent were successful. Looking at the sub-regions of Sydney, 5 of the 15 sub-regions recorded clearance rates above 70.0 percent with the standouts being the Northern Beaches (83.1 percent), Eastern Suburbs (78.4 percent), City and Inner South (78.2 percent) and North Sydney and Hornsby (74.4 percent) regions. North Sydney and Hornsby was the busiest Sydney sub-region this week with 117 homes taken to auction.

The preliminary clearance rate in Brisbane this week rose to 51.5 percent, from 46.1 percent last week. Auction volumes were unchanged week-on-week with 171 homes taken to auction, while this time last year 191 auctions were held. Meanwhile, across the Gold Coast, 57.1 percent of the 21 reported auctions were successful.

In Adelaide, a 66.1 percent preliminary result was recorded this week across 147 auctions. Last week, 93 Adelaide auctions returned a clearance rate of 65.9 percent for the city, while at the same time last year, 100 homes were taken to auction, with 71.3 percent recording a successful result.

Perth’s clearance rate of 50.0 percent across 20 auction results is down from last week, when 42 auctions were held and a clearance rate of 54.8 percent was recorded.  Over the same week last year, the clearance rate was a lower 44.8 percent, and 34 auctions were held.

Across Canberra, 72 homes were taken to auction this week. Preliminary results show a clearance rate of 68.3 percent, down from 72.2 percent the previous week.

Tasmania was host to 8 auctions this week and so far, 5 results have been reported, returning a preliminary clearance rate of 80.0 percent.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 22/10/2017):

• Sydney – 68.8% clearance, 806 total auctions, 587 results reported, 404 cleared, 183 uncleared
• Melbourne – 73.3% clearance, 1224 total auctions, 1030 results reported, 755 cleared, 275 uncleared
• Brisbane – 51.5% clearance, 171 total auctions, 103 results reported, 53 cleared, 50 uncleared
• Adelaide – 66.1% clearance, 147 total auctions, 109 results reported, 72 cleared, 37 uncleared
• Perth – 50% clearance, 43 total auctions, 20 results reported, 10 cleared, 10 uncleared
• Tasmania – 80% clearance, 8 total auctions, 5 results reported, 4 cleared, 1 uncleared
• Canberra – 68.3% clearance, 72 total auctions, 60 results reported, 41 cleared, 19 uncleared
  Combined national preliminary result – 70% clearance, 2471 total auctions (1914 reported, 1339 cleared). Weighted average clearance rate 69.4%

Last week’s preliminary results as reported are here

^{The above results are preliminary, with ‘final’ auction clearance rates published each Thursday by CoreLogic. CoreLogic, on average, collects between 85% and 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.}