There were 2,113 auctions held across Australia’s capital cities this week, a rise from last week, (1,795) yet lower than the 2,654 auctions held at the same time last year.
It is expected that auction activity will begin to pick up as we head into the spring selling season.
The preliminary auction clearance rate was 76.6 per cent this week, higher than last week’s result of 75.2 per cent and representing another year to date high for the combined capitals.
One year ago, the final auction clearance rate was recorded at 73.4 per cent, lower than what is currently being observed. Over winter 2016, clearance rates has ranged from a low of 65.7 per cent to a high of 76.6 per cent, compared to last winter where the weekly clearance rate remained above 70 per cent each week for the entire winter season, peaking at 78.5 per cent at the start of June.
Melbourne’s preliminary clearance rate was 79.0 per cent this week, compared to 75.4 per cent last week and 76.7 per cent at the same time last year.
There were 1,046 homes taken to auction this week, a substantial rise in the number of auctions held compared to last week (789), yet still tracking lower than at the same time last year (1,188).
This week, the Inner sub-region was the busiest for auctions across the Melbourne property market, with 214 homes going under the hammer.
Preliminary results show that 79.2 per cent of the 192 reported results were successful.
Across, Sydney the preliminary clearance rate was 81.0 per cent over the most recent week, representing a fall from last week’s 84.3 per cent, which was the strongest final auction clearance rate the Sydney property market has reported for the year so far.
In Sydney 762 auctions were held this week, compared to 687 last week and 1,106 one year ago.
The busiest sub-region for auctions this week was North Sydney and Hornsby, where 127 auctions were held with a clearance rate of 87.6 per cent.
There were six Sydney sub-regions that recorded an individual clearance rate higher than the city as a whole this week.
This week the Brisbane property market was host to 127 auctions, with a preliminary clearance rate of 47.2 per cent.
This week’s volume of auctions represents a rise from last week’s 125 auctions and is lower than the 169 auctions held one year ago.
At the same time last year, Brisbane’s clearance rate was 54.2 per cent.
For the Gold Coast, 24 results have been reported with a success rate of 58.3 per cent.
There were 82 auctions held in Adelaide this week, compared to 97 last week and 102 at the same time last year.
The preliminary clearance rate for the city this week was 68.8 per cent, up from 62.0 per cent last week and 58.1 per cent one year ago.
Adelaide’s preliminary clearance has remained above the 60 per cent mark since the final week of July.
Perth’s preliminary clearance rate was 21.4 per cent this week, compared to 20.6 per cent last week and 45.2 per cent one year ago.
Corelogic has captured 52 auction results for Canberra, with a preliminary clearance rate of 75.0 per cent, higher than the 66.7 per cent clearance rate last week.
At the same time last year Canberra recorded a clearance rate of 69.8 per cent.
There were two Tasmanian auctions reported to CoreLogic this week, with two sales.