Auction volumes remain high with 2,898 properties taken to auction this week, up from 2,547 last week, while the clearance rate has increased to 63.7 per cent, up from 61.0 per cent, the lowest clearance rate since the week ending 8th June 2014 (60.6 per cent).
The higher weighted average clearance rate was mainly the result of a stronger clearance in Melbourne, where, despite high volumes, the preliminary clearance rate rose to be just under 70 per cent.
At the same time last year, auction volumes were comparable, with 2,942 homes taken to auction and a clearance rate of 63.5 per cent.
Last week’s result brought the October clearance rate across the capital cities to 66 per cent, down from 70.9 per cent over September and lower than October 2014 (68.4 per cent).
Across Melbourne, volumes have increased after the Spring Racing Carnival, with 1,189 properties taken to auction, compared to 629 last week.
The clearance rate was recorded at 69.3 per cent, up from 65.6 per cent last week, making it the third week in a row where the clearance rate has been below 70 per cent.
Over the same weekend last year, the clearance rate was 65.5 per cent across 1,139 auctions.
Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the Mornington Peninsula.
So far, CoreLogic RP Data has collected 37 results for the region and the preliminary result shows 78.4 per cent of these auctions were successful.
Sydney’s preliminary clearance rate this week was 61.9 per cent across 950 auction results.
There were a total of 1,222 auctions held across the city. Last week, Sydney recorded the lowest clearance rate since Easter 2013 (58.2 per cent) with only 60.2 per cent of the 1,391 auctions recording a successful result.
Looking back at this weekend last year, 1,261 auctions were held across Sydney and a clearance rate of 68.1 per cent was recorded.
North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 198 properties taken to auction.
The preliminary clearance rate for the region is 67.1 per cent across 149 results.
There were 167 Brisbane homes taken to auction this week, with 109 results reported so far.
The preliminary clearance rate for the city is 42.2 per cent, down from 48.8 per cent last week and lower than one year ago, when 43.1 per cent of the 188 properties taken to auction were successful.
Across the Gold Coast 34 results have been reported so far, with a success rate of 55.9 per cent (19 sales).
This week, Adelaide’s preliminary clearance rate was 64.0 per cent, with 114 reported results across a total of 143 scheduled auctions.
In comparison, over the previous week Adelaide’s clearance rate dipped to 57.0 per cent and 57.4 per cent one year ago.
In Perth, 44 auctions took place this week, with 28 results reported so far.
Perth’s preliminary clearance rate of 17.9 per cent across these 28 results is significantly lower than both last week’s result (58.1 per cent) and the clearance rate from one year ago (50 per cent).
Canberra’s clearance rate was 78.3 per cent this week across 119 auctions, up from 71 per cent last week across 131 auctions.
Of the 9 Tasmanian auction results reported so far this week, 2 sales have been recorded.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.