For the second week in a row, auction volumes have risen, with 1,809 auctions held across the combined capital cities, higher than 1,582 last week and 1,674 at the same time last year.
Preliminary results show that across the 1,438 reported results, 67.8 per cent were successful this week, shifting up from 66.6 per cent last week, but remaining lower than one year ago (77.2 per cent), which is unsurprising, given that over the March 2016 quarter.
The combined capital city clearance rate was 69.4 per cent, 6 percentage points lower than results seen over the March 2015 quarter when 75.4 per cent of capital city auctions were successful.
The Melbourne housing market was the busiest capital city auction market this week, after Sydney was the busiest for the past two weeks.
794 Melbourne auctions were held and the preliminary auction clearance rate was 73.2 per cent.
Last week, 584 Melbourne auctions took place and 69.2 per cent cleared, while one year ago, results were much stronger, with 77.6 per cent of the 716 auctions selling.
Inner Melbourne, with 171 auctions and North East Melbourne with 110 auctions held were the busiest sub-regions of the city this week, with clearance rates of 72.3 per cent and 76.9 per cent, respectively.
South East and Inner East Melbourne were the only two regions where clearance rates fell below the 70 per cent mark this week.
The preliminary auction clearance rate in Sydney this week was 67.4 per cent, down from 69.8 per cent last week and lower than one year ago (83.4 per cent).
This week represents the 4th week this year where the city has seen clearance rates fall below the 70 per cent mark.
Sydney’s auction clearance rate for the March quarter was 73.0 per cent, substantially stronger than the December quarter’s results (59.8 per cent).
This week, Sydney’s housing market individual sub-regions show that there is a significant amount of variation in results across the city.
Clearances rates were as high as 87 per cent in Inner West and as low as 41.4 per cent in South West, where substantially fewer auctions were held.
The Brisbane’s housing market’s preliminary clearance rate was 56.6 per cent this week, 52.9 per cent last week and 54.4 per cent one year ago.
There were 161 auctions held across the city this week, higher than the volume held both last week (141) and one year ago (117).
Further south, across the Gold Coast, 26 auctions were reported this week and of these 10 were sold.
Based on preliminary results, Adelaide’s clearance rate was 63.6 per cent this week, down from 71.2 per cent last week and weaker than last year’s result (68.6 per cent).
The volume of auctions held across the city remained steady this week, with 73 auctions held compared to 76 last week. One year ago there were 83 auctions held across the city.
Although this week’s clearance rate is lower relative to last year, over the March 2016 quarter, Adelaide’s clearance rate was 64.7 per cent, stronger than the 63.0 per cent over the March 2015 quarter.
One quarter of the 24 reported Perth auctions were successful this week, compared to 46.9 per cent last week and 57.1 per cent one year ago.
Across Canberra 69 auctions were held this week and the preliminary auction clearance rate was 64.3 per cent.
Over the previous week, Canberra’s clearance rate was 50.8 per cent, the lowest for the city so far this year.
12 Tasmanian auctions were held this week with just 3 reported results so far.