Across the combined capitals this week, the number of homes taken to auction rose to 2,011, according to CoreLogic. This was the largest number of auctions held since the final week of June 2017, and approximately one-third higher compared with the same week a year ago.
“The preliminary auction clearance rate of 70.5 per cent has increased relative to last week’s final clearance rate [where 1,857 homes were taken to auction], up from 68.2 per cent,” said Jade Harling and Kevin Brogan, analysts at CoreLogic. “However as more results are collected it is expected that the final auction clearance rate will [be] revised lower to remain within the high 60 per cent range where it has tracked since the first week of June.”
Over the corresponding week in 2016, the clearance rate was 75%, and 1,471 auctions were held. In Sydney, the preliminary clearance rate surged to 72%, higher than Melbourne’s preliminary clearance rate of 71%.
“[While] Melbourne has remained the stronger performer for many weeks it is possible that Melbourne’s final clearance rate could drop below the 70 per cent mark for the first time since July last year,” Harling and Brogan said.
Sydney
The city’s preliminary clearance rate this week was 72% across the 625 auction results, and there were a total of 782 auctions held across the city. During the same weekend in 2016, 635 auctions were held across Sydney and a clearance rate of 78.3% was recorded.
“The North Sydney and Hornsby region hosted the most auctions of any Sydney sub-region this week, with 138 properties taken to auction. The preliminary clearance rate for the region is 77.8 per cent across 108 results.”
Melbourne
Across the Victorian capital, this week’s preliminary clearance rate was 71%, down from last week’s final clearance rate of 73.9% and lower than the clearance rate a year ago (78.9%). This week, Melbourne was host to 948 auctions, which was higher than the 911 held last week and substantially higher than a year ago when 605 auctions were held over the week.
“Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate was the North East,” Harling and Brogan said. “So far, CoreLogic has collected 112 results for the region and the preliminary result shows 78.6 per cent of these auctions were successful.”
Brisbane
The city was host to 100 auctions this week, and so far, 63 results have been reported, registering a preliminary clearance rate of 54%. Last week, auction volumes across Brisbane were higher, with 156 auctions held across the city and a clearance rate of 48.7% recorded.
Related Stories:
Homes Selling For $1m Reach Record Highs
Quarterly Trend In Capital Gains Is Moderating