Auction results continue to track lower than last year and more are getting withdrawn before they go to auction. Comparing the listed with sold totals, we get below 50%!
We are also seeing more evidence of property with the “offers invited” sticker rather than the “for auction” label. You can watch our video on the reliability of auction results.
Here is the data from CoreLogic.
The number of homes taken to auction across the combined capital cities rose this week, with a total of 2,539 held, the higher volumes returned a preliminary clearance rate of 62.5 per cent. Last week, there were 1,799 capital city auctions returning a 62.2 per cent final clearance rate.The combined capital city auction market has seen a relatively steady performance over the year-to-date, with the average weighted clearance rate continuing to track around the low-to-mid 60 per cent range for most of this year despite the level of activity over each week.
Combined results split by property type show the smaller segment of the auction market continued to outperform for another week, with 64.4 per cent of units selling at auction while 61.6 per cent of houses sold this week.
Melbourne saw an increase in clearance rates and volumes this week, with a total of 1,326 Melbourne homes taken to auction returning a preliminary clearance rate of 65.5 per cent, up on the 63.6 per cent last week when a lower 914 auctions were held.
As volumes rose across Sydney this week, the preliminary clearance rate dropped below 60 per cent for the first time since the first week of February earlier this year. The preliminary clearance rate showed 59.8 per cent of the 805 auctions held reportedly sold, however this will likely revise lower as results are finalised early in the week.
Each of the smaller auction markets recorded an increase in auction activity this week; the higher activity saw week-on-week clearance rates strengthen across Adelaide, Brisbane and Perth, while Canberra and Tasmania returned lower clearance rates.
