The preliminary auction clearance rate came in at 65.3% last week, up slightly from the week prior (64.1% which revised down to 57.3% on final figures) but below the spring season average to-date of 66.7% and the eleventh week in a row where the early success rate has been below the 70% mark.
2,577 auctions were held last week, down from 2,898 the week prior. The volume of auctions looks set to rise this week, with around 2,750 auction campaigns currently being tracked by CoreLogic.
Melbourne was the only market to hold more than 1,000 auctions last week, with 1,111 homes taken under the hammer. Melbourne returned a preliminary clearance rate of 65.2%, up from the previous week’s 64.9% (revised down to 56.9% on final numbers). The average preliminary clearance rate through the spring season to-date has been 66.2%.
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
For the first time in four weeks the volume of auctions in Sydney has dropped below the 1,000 mark, with 984 auctions held across the city. The preliminary clearance rate came in at 68.4%, up 5 percentage points from the previous week’s 63.4% early clearance rate, which revised down to 57.9%.
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.
Across the smaller cities, Brisbane held the most auctions, with 233 homes going under the hammer, the city’s second highest volume of auctions so far this year (after the week leading into the Easter long weekend). Brisbane returned a 56.8% preliminary clearance rate, up slightly from 56.3% a week earlier. 143 auctions were held across Adelaide with a preliminary clearance rate of 66.3%, the lowest early success rate so far this year. 91 auctions were held in Canberra with a 52.7% preliminary clearance rate. In Perth, six auction results have been collected so far with four reported as successful (66.7%). There were no auctions in Tasmania last week.
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 Caitlin Fono
Sr Associate, Research Support
Caitlin has spent more than a decade working with property data and analytics in various roles, earning a position on the CoreLogic research team in 2013. As a respected and highly experienced research analyst, Caitlin works with high frequency data sets, regularly updating our widely read auction reporting, weekly activity updates and customised data briefs.
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