Auction Market Activity Increasing After The January Slowdown
This week across the combined capital cities, auction volumes continued to increase with 1,464 homes taken to auction returning a preliminary clearance rate of 67.7 per cent, increasing from 62.0 per cent across 790 auctions last week, although this is likely to revise down over the week. Over the same week last year 1,591 auctions were held, while the clearance rate was a stronger 73.2 per cent. Adelaide and Perth were the only cities to see clearance rates fall over the week, while volumes increased everywhere except Adelaide. The strongest preliminary clearance rate was recorded in Melbourne (72.5 per cent), followed by Adelaide (68.9 per cent).
Across Melbourne, preliminary results show that 72.5 per cent of the 520 reported auctions sold this week. There were 621 properties taken to auction across the city, up from 292 last week when the final clearance rate was recorded at 70.2 per cent. Over the same week last year, 556 auctions were held and a clearance rate of 75.9 per cent was recorded. The West region of Melbourne had the highest number of auctions this week (128), with a preliminary clearance rate of 72.6 per cent. However, the strongest rate of clearance was recorded across the Mornington Peninsula, where 85.0 per cent of the 20 reported auctions were successful. 7 of the 9 sub-regions recorded clearance rates above 70 per cent.
Sydney was host to 517 auctions this week and a preliminary clearance rate of 68.7 per cent was recorded, rising from 57.1 per cent last week across 216 auctions, although this is likely to fall over the week as the remaining results are collected. One year ago, 640 auctions were held across Sydney and 80.7 per cent were successful. Looking at the sub-regions of Sydney, 6 of the 15 sub-regions recorded clearance rates above 70 per cent with the stand outs being the Eastern Suburbs (85.2 per cent), Northern Beaches (79.1 per cent) and the Inner West (75.0 per cent) regions. The lowest clearance rate was recorded across the Sutherland region where 46.7 per cent of the 30 reported auctions were successful.
The preliminary clearance rate in Brisbane this week was 53.8 per cent, up from 45.6 per cent last week. Auction volumes were higher this week with 113 auctions held, compared to 98 last week. Meanwhile, across the Gold Coast, 65.4 per cent of the 26 reported auctions were successful.
In Adelaide, a 68.9 per cent preliminary result was recorded this week across 78 auctions. Last week, 98 Adelaide auctions returned a clearance rate of 70.2 per cent for the city, while at the same time last year, 91 homes were taken to auction, with 66.7 per cent recording a successful result.
Perth’s clearance rate of 29.0 per cent across 31 auction results is lower than last week, when 30 auctions were held and a clearance rate of 47.4 per cent was recorded. Over the same week last year, the clearance rate was a lower 25.0 per cent, and 74 auctions were held.
Across Canberra, 73 homes were taken to auction this week. Preliminary results show a clearance rate of 67.7 per cent, up from 62.2 per cent the previous week.
Tasmania was host to 11 auctions this week and so far 8 have been reported with 5 successful sales.
National Auction Market Commentator,CoreLogic
Research Analyst, CoreLogic