The combined capital city preliminary clearance rate increased this week, up from last week’s final of 73.6 per cent to 77.5 per cent, with auction volumes also showing an increasing trend over the week.
There were 2,843 auctions held across the combined capital cities, up from last week’s 2,517.
However, auction volumes continue to track lower than the corresponding period last year when 3,274 auctions were reported with a lower rate of clearance (62.3 per cent).
The two largest auction markets, Melbourne and Sydney, continue to skew the capital city weighted average higher, with both cities consistently recording an auction clearance rate higher than 70 per cent throughout Spring, despite a substantial reduction in the number of auctions compared with last year.
Late November and early December have historically shown the highest number of auctions.
As the number of auctions trends higher over the coming weeks, the larger stock levels will provide a timely test of the auction markets strength.
Melbourne’s property market preliminary clearance rate remained steady as auction volumes increased over the week.
Preliminary results showed 77.2 per cent of auctions were successful this week, up slightly from 76.1 per cent last week.
There were 1,313 auctions held in Melbourne, up from the 927 reported last week; although lower than the 1,567 reported over the corresponding week last year.
The Inner region of Melbourne had the highest number of auctions this week (257), with a preliminary clearance rate of 77.0 per cent.
Meanwhile, the strongest clearance rate was recorded across the Outer East region and West region, with preliminary result showing 86.4 per cent and 82.8 per cent of auctions were successful.
In Sydney’s housing market 1,062 auctions were held this week, down slightly from 1,087 over the previous week.
The preliminary clearance rate of 84.2 per cent is up from 78.8 per cent last week, and is also higher than this time last year, when a clearance rate of 58.0 per cent was recorded across 1,223 auctions.
Looking at the sub-regions of Sydney, the Sutherland region recorded the strongest clearance rate of 95.7 per cent across 54 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (196).
Brisbane’s hosing market held 191 auctions this week, compared to 198 auctions last year and 181 last week.
Preliminary results show 53.5 per cent of auctions were sold this week, up from 50.0 per cent last week and also higher compared to last year, when 39.5 per cent of Brisbane auctions were successful.
There were 37 Gold Coast auctions this week with a preliminary clearance rate of 52.6 per cent.
Adelaide recorded a clearance rate of 68.3 per cent across 129 auctions this week, up from 65.6 per cent across 144 auctions last week.
At the same time last year, 121 homes were taken to auction, with 52.4 per cent recording a successful result.
There were 42 Perth auctions held this week, 52 last week and 39 at the same time last year.
This week’s preliminary clearance rate was 43.8 per cent, up from 30.0 per cent last week and lower than one year ago (44.4 per cent).
The preliminary results show 83.8 per cent of the auctions reported for Canberra this week sold, compared to 71.7 per cent last week and 63.2 per cent last year.
There were 97 auctions held across the city this week, down from 117 last week and also lower than the 102 held at the same time last year.
Of the 9 Tasmanian auction results reported so far this week, 4 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.
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.