Record breaking auction volumes in VIC sees a new year-to-date high reached across the country

National auction clearance results for the week ending 29/10/2017 courtesy of CoreLogic

This week, the combined capital cities saw the number of auctions held reached a new year-to-date high, with a total of 3,690 held, surpassing the previous 2017 high recorded over the week prior to Easter when 3,517 auctions were held. The higher volumes returned a preliminary auction clearance rate of 67.8 percent, rising from a final clearance rate of 64.7 percent last week when fewer auctions were held (2,519). This week’s surge in volumes can be attributed to activity across Australia’s largest auction market in Melbourne, where volumes across the city reached their highest on record this week, with 1,983 held recording a preliminary auction clearance rate of 71.7 percent. Sydney also saw a substantially higher volume of auctions this week with1,196 homes taken to auction, recording a clearance rate of 64.1 percent. Sydney’s clearance rate has been consistently below 65 percent since the first week of October. Activity across the remaining auction markets was varied with Brisbane recording the lowest preliminary clearance rate (47.1 percent). Historically auction volumes have peaked around late November / early December; if this trend holds true this year, we could see new records being set for auction volumes as the Spring season concludes.

The number of Melbourne homes taken to auction this week reached a record high, with a total of 1,983 held, returning a preliminary auction clearance rate of 71.7 percent. This week is not only the highest year-to-date for the city but the highest volume of auctions we have on record; with this week surpassing the previous peak over the week ending 29 Nov 2015 when 1,876 auctions were held. Over the corresponding week last year, volumes were substantially lower, when 632 auctions were held, and a 77.5 percent rate of clearance was recorded. Across the sub-regions of Melbourne, Mornington Peninsula recorded the highest clearance rate with 80.4 percent of the 69 auctions successful, while the Inner region hosted the most auctions (354).

Sydney’s preliminary auction clearance rate this week was 64.1 percent across a higher volume of auctions week-on-week, with 1,196 held across the city, increasing from 61.3 percent last week when 823 auctions were held. Over the same week one year ago, 1,100 homes were taken to auction across Sydney and a clearance rate of 80.5 percent was recorded. North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 192 properties taken to auction. The preliminary clearance rate for the region is 69.8 percent across 139 results.

There were 188 Brisbane auctions this week returning a preliminary clearance rate of 47.1 percent, virtually unchanged from 47.0 percent last week across 174 auctions and higher than one year ago when there were 192 auctions with a success rate of 46.6 percent. The Gold Coast’s preliminary clearance rate was 44.9 percent across 49 results this week.

A total of 143 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 70.0 percent, down from 61.9 percent last week when 148 auctions were held across the city.

There were 46 Perth auctions this week, with 54.5 percent clearing, rising from last week when 44 auctions were held and 40.0 percent cleared.

Canberra’s clearance rate was 77.1 percent this week across 128 auctions, up from 68.2 percent last week across 71 auctions.

There were 6 Tasmanian auctions held this week, with 3 reported as sold.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 29/10/2017):

• Sydney – 64.1% clearance, 1196 total auctions, 886 results reported, 568 cleared, 318 uncleared
• Melbourne – 71.7% clearance, 1983 total auctions, 1676 results reported, 1201 cleared, 475 uncleared
• Brisbane – 47.1% clearance, 188 total auctions, 119 results reported, 56 cleared, 63 uncleared
• Adelaide – 70% clearance, 143 total auctions, 100 results reported, 70 cleared, 30 uncleared
• Perth – 54.5% clearance, 46 total auctions, 22 results reported, 12 cleared, 10 uncleared
• Tasmania – 60% clearance, 6 total auctions, 5 results reported, 3 cleared, 2 uncleared
• Canberra – 77.1% clearance, 128 total auctions, 109 results reported, 84 cleared, 25 uncleared
  Combined national preliminary result – 68.4% clearance, 3690 total auctions (2917 reported, 1994 cleared). Weighted average clearance rate 68.7%

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.}