The preliminary combined capitals auction clearance rate came in at 62.4% last week, down a full percentage point from the week prior to be the lowest preliminary result so far this year. The weak outcome for auction markets reflects weaker selling conditions as advertised stock levels rise without a commensurate lift in purchasing activity.
The result came as auction volumes wind down, with 2,597 homes taken to auction last week, down from 2,881 a week earlier and well below the spring peak of 3,135 auctions held over the week ending October 27th. This week is set to show a further reduction, with around 2,200 homes currently scheduled for auction, reducing to around 800 next week.
1,207 auctions were held in Melbourne last week. 67.0% of the results so far have recorded a positive outcome, the highest preliminary result since the last week of October (68.5%).
923 homes went under the hammer in Sydney, down from 1,031 the week prior. The preliminary clearance rate, at 57.5%, was the lowest of the year so far and down nearly 8 percentage points from the week prior (65.1% which revised down to 58.2% on final numbers).
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Brisbane hosted the most auctions across the smaller capitals, with 203 homes taken to market by auction. 57.6% of auctions have been reported as successful so far, up from 52.9% the previous week (which revised down to 48.6% on final numbers).
167 auctions were held in Adelaide, roughly on par with the week prior (169), returning an early clearance rate of 61.7% (lowest so far this year).Only 78 auctions were held in the ACT, the lowest volume in two months, returning a preliminary clearance rate of 60.8%.
Only 78 auctions were held in the ACT, the lowest volume in two months, returning a preliminary clearance rate of 60.8%.
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.
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.
Just 16 auctions were held in Perth last week, with three of the four auctions collected so far reporting a successful result. There were three homes auctioned in Tasmania, one of which was successful.
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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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