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Sydney’s preliminary clearance rate dips below the 70% mark for the first time since mid-March (69.1%)

Sydney’s preliminary clearance rate dips below the 70% mark for the first time since mid-March (69.1%)

After trending upwards over the past three weeks, auction activity across the combined capitals dropped -11.7% this week, with 1,742 auctions held across the capitals. While down from the 1,973 auctions held last week, this week’s auction numbers are in line with the 1,734 auctions held two weeks ago and above the 1,471 auctions that occurred this time last year.

With 1,320 results collected so far, the combined capital’s preliminary clearance rate (71.0%) rose for the first time in three weeks, up 80 basis points compared to last week’s preliminary rate of 70.2% (revised to 64.9% at final numbers). Over the same week last year, a final clearance rate of 56.6% was reported.

Capital City Auction Statistics (Preliminary)

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With 1,320 results collected so far, the combined capital’s preliminary clearance rate (71.0%) rose for the first time in three weeks, up 80 basis points compared to last week’s preliminary rate of 70.2% (revised to 64.9% at final numbers). Over the same week last year, a final clearance rate of 56.6% was reported.

Across Sydney, 702 homes went under the hammer this week, down -6.3% from the 749 held last week. With 544 results collected so far, Sydney’s preliminary clearance (69.1%) rate dipped below the 70% mark for the first time since mid-March.

The decline in the preliminary clearance rate was accompanied by an uptick in Sydney’s withdrawal rate, from 11.9% last week to 16.9% this week, while the portion of properties passed in at auction fell to 14.0%, down from 21.4%. At 69.1%, this week’s preliminary rate is -3.3 percentage points below last week’s preliminary rate of 72.4%, which revised to 66.7% at final numbers. This week last year, 56.4% of the 480 auctions held across Sydney were successful.

Capital City Auction Statistics (Preliminary)

CoreLogic auction results

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After hosting its busiest auction week since early April last week (870), Melbourne’s auction numbers fell -12.5% this week, with 761 homes auctioned across the city. With 71.9% of the 604 results collected so far returning a successful result, Melbourne’s preliminary clearance rate retuned above the 70% mark, after dipping below for the past two weeks.

Last week’s preliminary clearance rate was two percentage points lower at 69.9% (revised to 63.7% at final figures), while this time last year, 619 auctions were held across the city, and a final clearance rate of 58.4% was reported.

Weekly clearance rate, combined capital cities

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Despite recording a -7.9% decline in action activity this week, Adelaide was the busiest auction market across the smaller capitals, with 105 homes taken to auction across the city. This was followed by Brisbane (83), which recorded the quietest auction week since Easter (76) and Canberra (82), with its busiest week in 12 weeks. Brisbane recorded its highest preliminary rate since early June (76.9%), with 74.6% of auctions reporting a successful result.

Canberra (71.4%) recorded an 80 basis point increase in its preliminary clearance rate this week, while Adelaide’s preliminary clearance rate fell -6.1 percentage points to 76.7%. In Perth, just two of the five auction results collected so far have returned a successful result, while one of the two auctions held in Tasmania this week was successful.

Auction activity is expected to rebound next week, with just shy of 2,000 capital city homes currently scheduled for auction.

Capital City Auction Statistics (Preliminary)

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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)

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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.

Source Corelogic.

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