At 72.8%, the combined capital cities preliminary auction clearance rate posted a subtle rise relative to the previous week (71.8% which revised down to 67.5% once finalised). The lift was driven by the smaller capitals; outside of Sydney and Melbourne the preliminary clearance rate was higher relative to the previous week across each capital, especially Adelaide where 83.1% of auctions have reported a successful result so far, up from 69.4% over the previous week.
The largest auction markets saw a softer result, with Sydney recording a preliminary auction clearance rate of 76.2% (down from 76.8% the previous week which revised down to 73.5%). Preliminary clearance rates across Sydney have held above 75% through the year to-date and finalised clearance rates have been consistently above 70%. The volume of auctions across Sydney was similar to the previous week, with 891 homes taken under the hammer.
Capital City Auction Statistics (Preliminary)
Melbourne’s preliminary clearance rate dropped below the 70% mark for the first time this year at 66.2% (down from 70.1% over the previous week which revised down to 65.0%). With the Labour Day long weekend, Melbourne also recorded a sharp drop in the number of auctions held. 457 properties went to auction last week compared with 1,352 over the previous week.
Across the smaller capitals, Brisbane recorded the busiest auction week, with 169 homes taken to auction, followed by Adelaide (119), Canberra (50), Perth (13) and Tasmania (1). Adelaide recorded the highest preliminary clearance rate at 83.1%, followed by Canberra (69.4%) and Brisbane (65.9%). Five of the six auctions reported in Perth so far were successful, while the one auction in Tasmania was sold at auction.
Capital City Auction Statistics over time
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
We should see the volume of auctions bounce back this week, with around 2,800 homes scheduled for auction.
The trend in housing values has also held reasonably firm, with each of the major capitals recording a rise in values as we approach the middle of the month. Based on the rolling four week change in CoreLogic’s daily 5 city index, dwelling values are up 0.6%. Sydney and Melbourne have continued to gather some momentum, with values up 0.5% and 0.2% respectively, while Perth and Adelaide record a rolling four week change above 1% (Perth at 1.8% and Adelaide at 1.1%). Brisbane has lost some steam, however with a rolling four week change of 0.8% conditions remain strong.
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 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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