Preliminary auction clearance rates soften as the number of auctions surges to the second busiest week so far this year.
There were 3,097 homes taken to auction across the combined capital cities this week, making it the second busiest week of the year so far, with preliminary results showing a 67.5 per cent success rate. In comparison, 1,764 auctions were held last week and the final clearance rate came in at 63.3 per cent. Over the same week last year, auction volumes were lower with 2,916 homes going under the hammer across the combined capital cities, although the clearance rate was a stronger 74.1 per cent.
In Melbourne, a preliminary auction clearance rate of 68.9 per cent was recorded across 1,656 auctions this week, down from 70.8 per cent across just 453 auctions last week. Over the same week last year, 1,441 homes were taken to auction across the city, returning a clearance rate of 77.0 per cent.
Sydney was host to 1,055 auctions this week, with preliminary results showing a 67.8 per cent success rate, up from 62.2 per cent across 974 auctions last week. This time last year, the clearance rate was a stronger 76.8 per cent across 1,001 auctions.
Excluding Tasmania, where all 3 reported auctions were successful, Adelaide recorded the highest preliminary clearance rate this week (69.7 per cent).
Looking at auction volumes, Perth was the only city to see a slight fall in the number of homes taken to auction this week, while all other cities increased week-on-week.
Domain has released their preliminary results for today.
Lower volumes and clearances compared with last year at this time. The preliminary results will drift lower as the full results come in. Last week was further down thanks to the long weekend in some states.
Brisbane cleared 56% of 93 scheduled, Adelaide cleared 71% of 50 scheduled and Canberra 57% of 81 scheduled.
Domain published their preliminary results for today, and both volumes and clearance rates are down – partly thanks to the long week end in some states. But even allowing for this, the rates are lower than this time last year. The final results will of course settle lower as normal.
Brisbane cleared 57% of 91 listed, Adelaide 73% of 58 and Canberra 76% of 35 listed.
More confirmation of lower auction clearance rates, this time from CoreLogic. But also, note that quite a few properties listed for sale never came to auction! So you could say the real results are even worse.
CoreLogic says there were 2,980 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 65.9 per cent, while last week, 3,313 auctions were held and the final clearance rate came in at 66.8 per cent.
Over the same week last year, auction volumes were slightly lower with 2,907 homes going under the hammer across the combined capital cities, although the clearance rate was a stronger 74.6 per cent.
If we look at results by property type, units outperformed the house market this week with 67.6 per cent of units selling at auction, while 65.1 per cent of houses sold across the combined capital cities.
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 67.3 per cent was recorded across 1,523 auctions this week, down from 70.6 per cent across 1,606 auctions last week. One year ago, the clearance rate was a stronger 78.4 per cent across 1,459 auctions. There were 1,044 auctions held in Sydney this week returning a preliminary auction clearance rate of 66.9 per cent, compared to 65.1 per cent across 1,259 last week, and 76.0 per cent across 950 auctions one year ago.
Across the smaller auction markets, preliminary results show that Canberra was the best performing in terms of clearance rate with a 70.8 per cent success rate.
Domain has released its preliminary results for today.
Overall volumes and clearance rates remain below those from a year ago. Volume remains higher in Melbourne. The final results will settle lower as normal.
Brisbane cleared 56% of 107 scheduled auctions, Adelaide, 63% of 84 scheduled and Canberra 66% of 77 scheduled auctions.
According to CoreLogic, auction volumes surge past 3,000 for the first time this year returning a strong preliminary auction clearance rate of 70.5 per cent. Still well down on a year ago, despite higher volumes.
Auction volumes returned to higher levels this week across the combined capital cities with a total of 3,275 homes taken to auction; the higher volumes returned a strong preliminary auction clearance rate of 70.5 per cent. Last week 1,992 auctions were held across the capitals with 66.1 per cent clearing, while over the same week one year ago a 78.4 per cent clearance rate was recorded across a higher volume of auctions (3,301).
Results segregated into property type showed that units outperformed the house market this week, with 72.9 per cent of units selling at auction, while 69.5 per cent of houses sold across the combined capitals.
Melbourne returned a preliminary auction clearance rate of 71.7 per cent this week, which was higher than final figures from last week which saw 69.8 per cent of auctions clearing. Melbourne’s higher preliminary clearance rate was across a significantly higher volume of auctions week-on-week, with 1,610 held, up from last week’s 932 auctions. In Sydney, 1,221 homes were taken to auction this week, returning an equal highest preliminary result to Melbourne’s 71.7 per cent, increasing on last week’s final clearance rate of 67.8 per cent across a lower volume of auctions (737).
Across the smaller auctions markets, Adelaide was the best performing in terms of clearance rate with 75.9 per cent of the 107 auctions reporting as sold. While Perth returned the lowest preliminary auction clearance rate of 52.6 per cent.
Separately, they also showed no change in prices this past week.
The latest preliminary results are out from Domain. Nationally, so far from the 2,627 properties listed for auction, only 1,794 actually went for sale, and 1,325 properties sold.
So the real clearance rate against those listed is 50.4%. Domain though calculates the clearance rate on those going to auction, less withdrawn sales over those sold. This give a higher measure of 68.8% nationally, which is lower than a year ago. Across the country the median price was $871,800.
Here are the results by main locations, including our calculation of the true clearance rate. More were withdrawn in Sydney than the other states.
Domain released their preliminary clearance results for today. All centres are tracking below this time last year, and of course the preliminary results will settle lower in a few days. But the striking observation is the lower volumes, 1,294 a year ago, compared with 727 sold this week. Anyone want to argue against the view the market is softening? Our surveys suggest we will see more of this ahead, as property investors stand on the sidelines, and the backlog of first time buyers is soaked up. Also vendors are having to accept lower bids to close a deal, which will put further downward pressure on prices.
Brisbane cleared 42% of 92 scheduled auctions, Adelaide 69% of 50 auctions and Canberra 57% of 59 scheduled auctions.