Combined capitals record highest preliminary clearance rate in six weeks as more than 2,000 homes auctioned.
Auction activity across the capitals trended higher for the second consecutive week, with 2,056 homes auctioned this week. Up 6.6% from the 1,929 auctioned the previous week, this week marked the combined capital's busiest auction week since before Easter and the fifth busiest week of the year-to-date.
The increase in auction numbers was met with an increase in buyer activity, with six of the seven capitals recording a week-on-week increase in the preliminary clearance rate. At 74.0%, the combined capitals recorded the highest preliminary clearance rate in six weeks, with 1,549 results collected so far. Last week's preliminary clearance rate was 2.7 percentage points lower at 71.3% (revising to 64.7% at final figures), while this week last year, 1,816 auctions were held, and a final clearance rate of 58.8% was reported.
Capital City Auction Statistics (Preliminary)
Sydney narrowly beat out Melbourne as the country's busiest auction market, with 839 auctions held this week. The city's busiest week since early April, this week's auction activity was 9.7% higher than the volume seen the previous week (765) and 31.3% above the 639 held this time last year. With 631 results collected so far, Sydney recorded its highest preliminary clearance rate since late June (78.7%), with 77.5% of auctions recording a positive result. Despite the rise in the preliminary rate, Sydney's withdrawal rate rose to 12.2% this week, while the portion of properties passed in at auction fell to 10.3%. Last week's preliminary clearance rate was 2.5 percentage points lower at 75.0%, while this time last year, 59.1% of auctions reported successful results.
CoreLogic auction results
Weekly clearance rate, combined capital cities
Melbourne was the only city to see a decline in week-on-week auction activity this week, with 838 homes taken under the hammer, down from 877 the previous week. After dropping below 70% last week (69.5%, revised to 60.6%), Melbourne's preliminary clearance rate rose 3.2 percentage points to 72.7%. With 699 results collected so far, this week's preliminary rate was the city's highest in five weeks. This time last year, 60.8% of the 779 auctions held across Melbourne were successful.
Brisbane was the busiest auction market among the smaller capitals for the second consecutive week, hosting 155 auctions this week, followed by Adelaide (116) and Canberra (91). Canberra was the only capital to record a week-on-week decline in its preliminary clearance rate, falling -6.2 percentage points to 62.3%. Adelaide saw 76.2% of its auctions record a positive result, while 69.0% of auctions held across Brisbane were successful. Results for eight of the 16 auctions held in Perth this week have been collected so far — five have recorded successful results. The one home scheduled for auction in Tasmania this week was sold prior to auction.
Clearance rates will continue to be tested next week, with almost 2,400 homes currently scheduled for auction across the combined capitals.
Capital City Auction Statistics (Preliminary)
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 99% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.
Sub-region auction statistics (preliminary)
CoreLogic, on average, collects 99% 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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Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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