There were 2,497 auctions held across the combined capital cities this week, up from 2,318 last week. So far, 2,007 results have been reported to CoreLogic, returning a preliminary clearance rate of 70.6 per cent, increasing from last week when the final clearance rate slipped to 64.4 per cent, the lowest clearance rate since January 2016. While we expect the clearance rate to revise over the next few days as the remaining results are collected, it will be interesting to see how the clearance rate holds up on Thursday when the final figures are released.
Over the corresponding week last year, auction volumes were similar, with 2,443 properties taken to auction, while the clearance rate was stronger (76.2 per cent). The highest preliminary clearance rate was recorded in Melbourne this week (74.8 per cent), followed closely by Canberra (74.5 per cent).
I found it interesting to see this stat from Melbourne’s weekend auctions.
“Despite the generally robust trading conditions, the inner east is continuing to underperform.
This region taking in the leafy Boroondara and Stonnington council areas, was widely seen as the engine room for Melbourne’s housing growth spurt between 2012 and early 2017. But on Saturday it languished with a regional clearance rate of just 60.2 per cent.”
https://www.domain.com.au/news/inner-east-underperforms-while-nearby-suburbs-boom-at-auction-20171015-gz1ban/
I suspected that the change to stamp duty for properties under $750k was boosting the headline clearance rates , but was not expecting it to be as low as 60% in Boroondara and Stonnington. That is shocking!