National auction clearance results for the week ending 23/07/2017 courtesy of CoreLogic
There were 1,712 properties taken to auction this week, up from 1,627 last week, and higher than this time last year, when 1,329 auctions were held and a clearance rate of 67.9 percent was recorded. Based on the preliminary collection, all but one of the capital cities saw the clearance rate increase week-on-week. Melbourne’s auction market has continued to show some resilience to softer auction conditions, recording the highest preliminary clearance rate at 79.4 percent, although this is likely to revise lower when the final auction results are released on the following Thursday. While Melbourne’s clearance rate has remained comfortably above 70% since July last year, final auction results show Sydney’s auction clearance rate has been tracking below 70% over the past six weeks, so it will be interesting to see if the preliminary clearance of 74.9 percent is again revised below the 70 percent mark.
Across Melbourne, preliminary results show that 79.4 percent of the 676 reported auctions sold this week. There were 816 properties taken to auction across the city, up from 756 last week when the final clearance rate was recorded at 74.9 percent. Over the same week last year, 572 auctions were held and a clearance rate of 71.6 percent was recorded. The West region of Melbourne had the highest number of auctions this week (168), with a preliminary clearance rate of 76.4 percent. However, the strongest rate of clearance was recorded across the North West region, where 90.1 percent of the 71 reported auctions were successful. 5 of the 9 sub-regions recorded clearance rates above 80.0 percent.
Sydney was host to 613 auctions this week and a preliminary clearance rate of 74.9 percent was recorded, rising from 69.2 percent last week across 609 auctions. The final clearance rate for Sydney has been trending below 70 percent for the last 6 weeks, although it has been nudging higher over the last two weeks. One year ago, 473 auctions were held across Sydney and 71.5 percent were successful. Looking at the sub-regions of Sydney, 7 of the 15 sub-regions recorded clearance rates above 75.0 percent with the stand outs being the Northern Beaches (92.3 percent), Eastern Suburbs (89.2 percent), North Sydney and Hornsby (83.6 percent) and City and Inner South (78.3 percent) regions.
The preliminary clearance rate in Brisbane this week rose to 50.6 percent, from 41.7 percent last week. Auction volumes were slightly higher this week with 126 auctions held, up from 116 last week. Meanwhile, across the Gold Coast, 41.4 percent of the 29 reported auctions were successful.
In Adelaide, a 69.0 percent preliminary result was recorded this week across 73 auctions. Last week, 64 Adelaide auctions returned a clearance rate of 69.0 percent for the city, while at the same time last year, 68 homes were taken to auction, with 56.3 percent recording a successful result.
Perth’s clearance rate of 73.3 percent across 15 auction results is up from last week, when 35 auctions were held and a clearance rate of 46.2 percent was recorded. Over the same week last year, the clearance rate was a lower 33.3 percent, and 22 auctions were held.
Across Canberra, 46 homes were taken to auction this week. Preliminary results show a clearance rate of 73.3 percent, up from 68.9 percent the previous week.
Tasmania was host to 3 auctions this week and so far no results have been reported.
Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 23/07/2017):
- Sydney – 74.9% clearance, 613 total auctions, 482 results reported, 361 cleared, 121 uncleared
- Melbourne – 79.4% clearance, 816 total auctions, 676 results reported, 537 cleared, 139 uncleared
- Brisbane – 50.6% clearance, 126 total auctions, 85 results reported, 43 cleared, 42 uncleared
- Adelaide – 69% clearance, 73 total auctions, 42 results reported, 29 cleared, 13 uncleared
- Perth – 73.3% clearance, 35 total auctions, 15 results reported, 11 cleared, 4 uncleared
- Tasmania – ??? clearance, 3 total auctions, 0 results reported, 0 cleared, 0 uncleared
- Canberra – 73.3% clearance, 46 total auctions, 15 results reported, 11 cleared, 4 uncleared
Combined national preliminary result – 75.4% clearance, 1712 total auctions (1315 reported, 992 cleared). Weighted average clearance rate 74.8%
Last week’s preliminary results as reported are here
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects between 85% and 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.
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