Auction volumes at their highest levels in 12 weeks

National auction clearance results for the week ending 27/08/2017 courtesy of CoreLogic

Over the corresponding week last year, the clearance rate was 74.5 percent and 2,153 auctions were held. It is expected as more results are collected that the final auction clearance rate will revise lower to remain within the high 60 percent range, where clearance rates have been tracking since early June. Melbourne saw a higher volume of auctions this week (1,116), however, the clearance rate for the city fell to 73.8percent, while Sydney’s preliminary clearance rate increased to 71.6 percent across a higher volume of auctions week-on-week (814).

In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 73.8 percent was recorded across 1,116 auctions this week. Last week, Melbourne’s final clearance rate was recorded at 75.6 percent across 1,001 auctions, while this time last year, 1,060 properties were taken to auction across Melbourne and a clearance rate of 77.4 percent was recorded. Looking at Melbourne’s sub-regions, the Mornington Peninsula region was the best performer in terms of clearance rates, with an 85.7 percent success rate across 46 auctions, followed by the Outer East region, where 83.3 percent of the 85 auctions cleared.

Sydney’s preliminary auction clearance rate this week was 71.6 percent across 644 auction results. There was a total of 814 auctions held across the city, increasing from last week’s final figures when 67.8 percent of the 720 auctions cleared, and higher than one year ago when 788 auctions were held across Sydney and a clearance rate of 78.5 percent was recorded. Looking at the sub-regions of Sydney, the City and Inner South region recorded the strongest clearance rate of 80.6 percent across 81 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (126).

The preliminary clearance rate in Brisbane this week was 45.4 percent, up from 45.1 percent over the previous week. Auction volumes were higher this week with 138 auctions held, up slightly from 135 last week. Meanwhile, across the Gold Coast, 57.9 percent of the 39 reported auctions were successful.

Adelaide recorded a preliminary clearance rate of 75.5 percent across 68 auctions this week, up from 62.4 percent across 98 auctions last week. Over the corresponding week last year, 83 homes were taken to auction, with 63.3 percent recording a successful result.

In Perth, 33 auctions were held this week with 62.5 percent successful, up on last week when the final auction clearance rate for Perth was 50.0 percent across 35 auctions and higher than the 34.8 percent across 29 auctions last year.

Canberra’s preliminary auction clearance rate of 71.2 percent this week is lower than last week when the final auction clearance rate was 74.6 percent and lower than the 71.4 percent recorded last year.

Tasmania saw 8 auctions take place this week, 6 results have been reported so far, with 5 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 27/08/2017):

• Sydney – 71.6% clearance, 814 total auctions, 644 results reported, 461 cleared, 183 uncleared
• Melbourne – 73.8% clearance, 1116 total auctions, 962 results reported, 710 cleared, 252 uncleared
• Brisbane – 45.4% clearance, 138 total auctions, 97 results reported, 44 cleared, 53 uncleared
• Adelaide – 75.5% clearance, 68 total auctions, 49 results reported, 37 cleared, 12 uncleared
• Perth – 62.5% clearance, 33 total auctions, 16 results reported, 10 cleared, 6 uncleared
• Tasmania – 83.3% clearance, 8 total auctions, 6 results reported, 5 cleared, 1 uncleared
• Canberra – 71.2% clearance, 62 total auctions, 52 results reported, 37 cleared, 15 uncleared
  Combined national preliminary result – 71.4% clearance, 2239 total auctions (1826 reported, 1304 cleared). Weighted average clearance rate 71.1%

Last week’s preliminary results as reported are here

^{The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. 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.}