The number of properties taken to auction continues to rise in the last weekend of spring

National auction clearance results for the week ending 26/11/2017 courtesy of CoreLogic

Last week, based on final results, 60.9 percent of the 3,390 auctions held recorded a successful result, the lowest clearance rate since late 2015/early 2016. Once final results are collected, the combined capital city clearance rate tends to revise down so at this stage it’s looking like the final clearance rate on Thursday will be in the mid to low 60 percent range for the sixth week in a row. Sydney and Melbourne, the two largest auction markets, have seen clearance rates increase week-on-week after last week saw both cities recording their lowest clearance rates for the year so far, however as usual, these clearance rates will revise lower over the week. Over the same week last year, a total of 3,398 homes were taken to auction across the combined capital cities, and a clearance rate of 73.0 percent was recorded.

Across Melbourne, preliminary results show that 69.0 percent of the 1,456 reported auctions sold this week, making it the third week in a row where the clearance rate has been below 70 percent. There were 1,727 properties taken to auction across the city, compared to 1,732 last week when the final clearance rate slipped to 66.9 percent, the lowest clearance rate the city has seen since July 2016. Over the same week last year, 1,616 auctions were held and a clearance rate of 76.1 percent was recorded. Looking at the sub-regions of Melbourne, the Inner region was host to the highest number of auctions this week (317), followed by the West (255). The West also recorded the highest clearance rate (76.4 percent across 212 results).

Sydney was host to 1,200 auctions this week and a preliminary clearance rate of 66.2 percent was recorded, after last week saw the lowest clearance rate since late 2015/early 2016 when just 54.8 percent of the 1,061 auctions recorded a successful result. The final clearance rate for Sydney has been sitting below 60 percent for the last 4 weeks so it will be interesting to see what happens this week. This time last year, 77.1 percent of the 1,262 homes taken to auction were sold. Looking at the sub-regions of Sydney, the Sutherland (77.5 percent), Eastern Suburbs (76.2 percent), and Inner West (75.0 percent) regions recorded the highest clearance rates. North Sydney and Hornsby was the busiest region with 205 homes taken to auction.

The preliminary clearance rate in Brisbane rose to 57.6 percent across 152 auctions this week, from 46.7 percent across 217 auctions last week, while this time last year 191 auctions were held and a clearance rate of 43.8 percent was recorded. Meanwhile, across the Gold Coast, 41.0 percent of the 39 reported auctions were successful.

In Adelaide, a 67.0 percent preliminary result was recorded this week across 153 auctions. Last week, 151 Adelaide auctions returned a clearance rate of 64.5 percent for the city, while at the same time last year, 144 homes were taken to auction, with 63.1 percent recording a successful result.

Perth’s clearance rate of 38.9 percent across 18 auction results is down from last week, when 85 auctions were held and a clearance rate of 39.7 percent was recorded.  Over the same week last year, the clearance rate was a lower 27.3 percent, and 67 auctions were held.

Across Canberra, 128 homes were taken to auction this week. Preliminary results show a clearance rate of 66.1 percent, up from 62.8 percent the previous week.

Tasmania was host to 6 auctions this week and so far, 3 results have been reported, returning a preliminary clearance rate of 33.3 percent.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 26/11/2017):

• Sydney – 66.2% clearance, 1200 total auctions, 854 results reported, 565 cleared, 289 uncleared
• Melbourne – 69% clearance, 1727 total auctions, 1456 results reported, 1005 cleared, 451 uncleared
• Brisbane – 57.6% clearance, 152 total auctions, 118 results reported, 68 cleared, 50 uncleared
• Adelaide – 67% clearance, 153 total auctions, 103 results reported, 69 cleared, 34 uncleared
• Perth – 38.9% clearance, 43 total auctions, 18 results reported, 7 cleared, 11 uncleared
• Tasmania – 33.3% clearance, 6 total auctions, 3 results reported, 1 cleared, 2 uncleared
• Canberra – 66.1% clearance, 128 total auctions, 109 results reported, 72 cleared, 37 uncleared
  Combined national preliminary result – 67.2% clearance, 3409 total auctions (2661 reported, 1787 cleared).
  Weighted average clearance rate 66.9%

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.}