Third week remains a charm for the Auction market

This week 1,295 auctions were held across the capital cities, with 1,076 reported results so far. melb-and-syd

The preliminary clearance rate of 70.7 per cent is roughly the same when compared with last week’s result which showed 70.5 per cent of the 1,391 capital city auctions cleared.

Melbourne and Sydney are once again showing the strongest clearance rates of 72.4 per cent and 75.3 per cent respectively.

In terms of auction volumes, both Sydney and Melbourne recorded a lower number of auctions this week when compared to last week, while across the remaining capital cities the auction markets were varied.

At the same time last year, the number of auctions held was still substantially higher (2,143) with a success rate of 74.7 per cent.

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In Melbourne this week there were 569 auctions, which shows for the third week in a row the city accounted for the highest amount of auctions. 

The number of auctions is down from last week’s 667 and auction volumes are still lower than the 918 that were held at the same time last year.

The preliminary results show a clearance rate of 72.4 per cent, compared to last week’s 76.1 per cent and last year’s 75.7 per cent.

The Inner sub-region recorded the highest number of auctions this week, with a clearance rate of 75.3 per cent.

On the other hand, the Mornington Peninsula sub-region recorded the lowest number of auctions and the preliminary clearance rate was 59.1 per cent.

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Sydney was host to 448 auctions this week with a preliminary clearance rate of 75.3 per cent, showing a rise from last week’s clearance rate of 74.9 per cent across 470 auctions.

Much like the Melbourne market, auction volumes in the Sydney market this week are substantially lower than one year ago, when 906 auctions were held across the city.

Of these 906 auctions 79.9 per cent cleared.

This week seven Sydney sub-regions recorded a preliminary clearance rate above 70 per cent.

The highest preliminary auction clearance rate was achieved within the Inner West sub-region where 93.9 per cent of the 33 reported auctions cleared.

The busiest sub-region was Inner South West where 67 auctions were held; so far 56 results have been reported with a success rate of 69.6 per cent.

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This week in Brisbane there was 135 auctions, compared to last week’s 120 auctions and 163 auctions last year.

The preliminary clearance rate was 53.2 per cent this week, up from 47.0 per cent last week.

At the same time last year 54.0 per cent of Brisbane home auctions were successful.

The Gold Coast’s preliminary results show a clearance rate of 61.9 per cent across 21 reported auctions.

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There were 68 auctions in Adelaide this week and a preliminary clearance rate of 71.8 per cent, in comparison to last week when 61 auctions were held with a 54.7 per cent success rate.

One year ago 58.9 per cent of the 80 auctions cleared.

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Across Perth, there were 21 auctions held this week and a preliminary clearance rate of 42.9 per cent, up from the 29.0 per cent last week when there were 34 auctions he18336245_lld across the city.

At the same time last year the same number of auctions were held (21) with a preliminary clearance rate of 52.6 per cent.

Canberra’s preliminary clearance rate is showing 68.2 per cent of the 44 reported auctions were successful this week, rising from 63.3 per cent last week when there were 30 auctions across the city.

At the same time last year, Canberra was host to 49 auctions with a clearance rate of 68.8 per cent.

A total of 2 auctions have so far been reported with 1 successful result for Tasmania.



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Shana Miller

About

Shana joined CoreLogic RP Data in 2007 and is a member of the commentating team that delivers weekly blog updates on housing market activity across the country. Visit www.blog.corelogic.com.au/author/shana-miller/


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