Auction volumes continue to increase as preliminary clearance rate scrapes above 70%

National auction clearance results for the week ending 30/07/2017 courtesy of CoreLogic

Auction clearance rates have seen a slight improvement across the combined capital cities over the month of July, with the final clearance rate over the last two weeks just falling short of the 70 percent mark. Auction volumes were higher this week with 1,957 homes taken to auction across the combined capital cities, up from 1,748 last week, and higher than this time last year when 1,610 auctions were held. Perth and Tasmania were the only cities where auction volumes fell over the week.

There were 943 auctions held in Melbourne this week with a preliminary clearance rate of 77.2 percent, increasing from a final clearance rate of 73.8 percent last week across 833 auctions. Over the same week last year, Melbourne’s clearance rate was 75.3 percent across 754 auctions. Of the 9 Melbourne sub-regions, 5 recorded clearance rates above 80.0 percent, with the highest clearance recorded across the Mornington Peninsula, with preliminary results showing 87.2 percent of the 39 results were successful, followed by the North West where 81.3 percent of auctions cleared.

In Sydney, 704 properties were taken to auction this week with a preliminary clearance rate of 68.0 percent. Last week, the final clearance rate for the city was 70.3 percent across 625 auctions, after sitting below the 70 percent mark for the previous 6 weeks, so it will be interesting to see what the final clearance rate is like on Thursday. One year ago, 509 Sydney homes were taken to auction and the clearance rate was 78.0 percent. This week, the performance across Sydney’s individual sub regions was mixed. Across the South West region, where 47 of the 50 results have been reported so far, the preliminary clearance rate was 40.4 percent, while across the Eastern suburbs (90.0 percent) and Inner West (81.8 percent) regions, the success rate of reported auctions was much higher.

There were 158 Brisbane homes taken to auction this week, with 116 results reported so far. The preliminary clearance rate for the city is 53.4 percent, up from 46.4 percent last week and higher than one year ago, when 48.5 percent of the 156 properties taken to auction were successful. Across the Gold Coast 34 results have been reported so far, with a success rate of 38.2 percent.

This week, Adelaide saw a preliminary clearance rate of 64.3 percent, with 56 reported results across a total of 80 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 66.7 percent and 68.8 percent one year ago.

There were 25 Perth auctions this week and so far 15 results have been reported, with 26.7 percent selling. Last week there was a 57.7 percent clearance rate for Perth.

Canberra’s preliminary auction clearance rate of 74.4 percent across 47 auctions is higher than both last week, when the final auction clearance rate was 71.8 percent, and last year (74.3 percent).

There were no auctions held in Tasmania this week. In comparison, there were 4 auctions last week, with all 4 recording a successful result.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 30/07/2017):

• Sydney – 68% clearance, 704 total auctions, 566 results reported, 385 cleared, 181 uncleared
• Melbourne – 77.2% clearance, 943 total auctions, 829 results reported, 640 cleared, 189 uncleared
• Brisbane – 53.4% clearance, 158 total auctions, 116 results reported, 62 cleared, 54 uncleared
• Adelaide – 64.3% clearance, 80 total auctions, 56 results reported, 36 cleared, 20 uncleared
• Perth – 26.7% clearance, 25 total auctions, 15 results reported, 4 cleared, 11 uncleared
• Tasmania – 0% clearance, 0 total auctions, 0 results reported, 0 cleared, 0 uncleared
• Canberra – 74.4% clearance, 47 total auctions, 39 results reported, 29 cleared, 10 uncleared
  Combined national preliminary result – 71.3% clearance, 1957 total auctions (1621 reported, 1156 cleared). Weighted average clearance rate 70.7%

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.}