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Auction Volumes Bounce Higher

Author: Jade Harling and Kevin Brogan
Source: CoreLogic

Auction activity across the combined capital cities increased this week after last week’s grand final and public holiday slowdown.  2,286 homes were taken to auction, returning a preliminary auction clearance rate of 68.1 per cent.  The preliminary clearance was up from the 66.3 per cent last week when volumes dipped significantly across the capitals amidst the festivities of the grand finals and long weekend. Melbourne was the only capital city to record a preliminary clearance rate above 70 per cent (72.1 %), while clearance rates across Sydney remained below 70 per cent for the eleventh consecutive week.  Compared to one year ago, clearance rates continue to track lower with final results from the corresponding week last year recording a 76.4 per cent clearance rate, while volumes were a similar 2,290.

Melbourne’s preliminary auction clearance rate was recorded at 72.1 per cent this week, down from the recent high of 87.0 per cent last week when volumes fell considerably (122). This week, Melbourne was host to 1,111 auctions, similar to the same time last year when there were 1,114 Melbourne auctions held and 78.4 per cent cleared. The Inner region of Melbourne had the highest number of auctions this week (198), with a preliminary clearance rate of 65.3 per cent. However, the North East region recorded the highest clearance rate with 78.4 per cent of the 152 auctions successful.

Sydney’s preliminary clearance rate this week was 67.2 per cent across 591 auction results. There were a total of 800 auctions held across the city, increasing from the 607 auctions last week when 64.9 per cent cleared. Over the corresponding week last year, a slightly lower 816 auctions were held across Sydney and a clearance rate of 79.8 per cent was recorded. North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 121 properties taken to auction. The preliminary clearance rate for the region is 72.1 per cent across 86 results.

There were 149 Brisbane homes taken to auction this week recording a preliminary auction clearance rate of 49.5 per cent, unchanged from final results last week and lower than one year ago, when 53.5 per cent of the 157 properties taken to auction were successful. Across the Gold Coast, there were total of 62 auctions recording a preliminary clearance rate of 41.5 per cent.

A total of 108 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 65.3 per cent, down from 71.1 per cent last week when 40 auctions were held across the city, and lower than one year ago when 98 auctions were held and 75.3 per cent cleared.

There were 33 Perth auctions this week, with a preliminary clearance rate of 60 per cent. Last week, 70 per cent of the 13 auctions held were successful.

Canberra’s preliminary auction clearance rate of 62.7 per cent this week is lower than last week, when the final auction clearance rate was 75.7 per cent and also lower than the 85.0 per cent recorded last year.

In Tasmania, 5 auctions were reported to CoreLogic with 3 sales.

 


Kevin Brogan
National Auction Market Commentator,CoreLogic

Jade Harling
Senior Research Analyst, CoreLogic