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Auction Volumes Decrease Across The Combined Capital Cities

Author: Jade Harling and Kevin Brogan
Source: CoreLogic

The final week of auction reporting for 2017 returned a preliminary auction clearance rate of 64.2 per cent across the combined capital cities, increasing on last week when the final auction clearance rate fell below 60 per cent for the first time this year, when only 59.5 per cent of auctions cleared. The number of homes taken to auction fell this week, after the surge in activity recorded over the 4 weeks prior when volumes remained consistently above the 3,000 level. There were a total of 2,865 auctions held this week, down on last week when 3,371 auctions where held across the capitals and only slightly higher than volumes from the same week one year ago (2,735). Melbourne and Sydney both saw an increase in preliminary clearance rates this week, with 67.3 per cent and 60.8 per cent of auctions clearing which was up on the previous week when both cities recorded their lowest clearance rates of the year. The smaller auction markets returned varied results this week, with Adelaide recording the highest preliminary auction clearance rate of 70.1 per cent, while only 43.3 per cent of auctions sold in Perth.

 
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 67.3 per cent was recorded across 1,628 auctions this week. Last week, Melbourne’s final clearance rate was recorded at 65.4 per cent across 1,833 auctions, while this time last year, 1,288 properties were taken to auction across Melbourne and a clearance rate of 73.9 per cent was recorded. The busiest Melbourne sub-regions this week were Melbourne’s West region and the North East region, where 307 and 248 auctions were held respectively. 

Sydney’s preliminary clearance rate this week was 60.8 per cent across 690 auctions, increasing on last week’s 52.0 per cent across 1,007. Over the same week one year ago, 878 auctions were held across Sydney and a clearance rate of 71.4 per cent was recorded. Sydney’s Inner South West hosted the most auctions of any Sydney sub-region this week, with 94 properties taken to auction. The preliminary clearance rate for the region is 52.5 per cent across 59 results. 

There were 196 Brisbane auctions this week with a preliminary clearance rate of 54.8 per cent, having increased from 43.7 per cent last week across 186 auctions and higher than one year ago when there were 234 auctions with a success rate of 42.6 per cent. The Gold Coast’s preliminary clearance rate was 40.0 per cent across 25 results this week. 

This week, Adelaide saw a preliminary clearance rate of 70.1 per cent, with 107 reported results across a total of 152 scheduled auctions, increasing on last week’s 65.2 per cent and the 58.4 per cent one year ago.

There were 66 Perth auctions this week and so far 30 results have been reported, with just 43.3 per cent selling. Last week there was a 32.1 per cent clearance rate across 62 auctions.

Across Canberra a total of 122 auctions were held this week, compared to 106 last week and 131 at the same time last year. Canberra’s preliminary clearance rate of 63.4 per cent is lower than it was the previous week (64.0 per cent).

There were only 11 Tasmanian auctions held this week. 4 were reported as sold. 
 

 


Kevin Brogan
National Auction Market Commentator,CoreLogic

Jade Harling
Senior Research Analyst, CoreLogic