Tag: Auction Results

From CoreLogic.

Preliminary clearance rate weakens and auction volumes drop slightly across the combined capital cities.

 

There were 2,245 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 61.0 per cent, while last week, 2,311 auctions were held and the final clearance rate came in at 62.1 per cent. Over the same week last year, auction volumes were higher with 2,409 homes going under the hammer across the combined capital cities, and the clearance rate was a stronger 72.8 per cent.

 

If we look at results by property type, units outperformed the house market this week with 63.6 per cent of units selling at auction, while 59.8 per cent of houses sold across the combined capital cities.

In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 61.2 per cent was recorded across 1,090 auctions this week, down from 63.7 per cent across 1,144 auctions last week. One year ago, the clearance rate was a stronger 75.0 per cent across 1,098 auctions. There were 767 auctions held in Sydney this week returning a preliminary auction clearance rate of 62.5 per cent, compared to 63.1 per cent across 797 last week, and 74.5 per cent across 960 auctions one year ago.

 

Once clearance rates are finalised early next week, its highly likely they will be revised lower, with both Sydney and Melbourne clearance rates potentially falling below the 60% mark.

Across the smaller auction markets, preliminary results show that Canberra was the best performing in terms of clearance rate with a 77.1 per cent success rate across 80 auctions.

From CoreLogic.

The combined capital cities saw fewer homes taken to auction this week, with a total of 2,280 held, down on last week when 2,577 were held.

The lower volumes saw an improved preliminary clearance rate over the week, returning a 63.5 per cent success rate, increasing on the week prior’s final clearance rate which was the lowest weighted average result seen over the year-to-date with 60.3 per cent of properties selling.

Once again the combined unit market outperformed houses, returning a 67.7 per cent clearance rate, while a lower 61.7 per cent of houses sold.  A similar trend is evident in CoreLogic indices which show the unit market outperforming house values as housing demand slides towards the more affordable segments of the market.

Although the preliminary clearance rate has shown a positive rise over the week, the trend in auction clearance rates, based on the more complete final results, clearly shows a downwards trend in clearance rates.  Auction markets remain more buoyant than December last year, when Sydney clearance rates reached a low point of 52 percent, however the weaker auction results suggest housing market conditions are likely to remain relatively soft.

Looking at results over the corresponding year-to-date period last year, the capital city auction market was performing quite differently, with an average of 10 per cent more homes selling over the same period last year, while weekly volumes continue to show similar trends.

Melbourne returned a preliminary clearance rate of 63.5 per cent this week across 1,137 auctions, down on last week when 1,334 auctions took place and a higher 63.9 per cent cleared. In Sydney, 774 auctions were held this week with 66.9 per cent selling, increasing on last week when only 55.8 per cent of auctions were successful across a slightly higher 829 auctions.

Results were varied across the smaller auction markets this week, with Canberra and Perth recording a slight increase in week-on-week volumes, while the remaining markets saw fewer auctions take place. In terms of clearance rates, Canberra was the strongest performer this week with 74.2 per cent of homes selling, while only 18.2 per cent of Perth homes sold.

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.

From CoreLogic.

Auction activity remains relatively steady across the combined capital cities this week, with a total of 1,746 homes taken to market, returning a success rate of 63.1 per cent increasing from last week’s final clearance rate which saw the lowest weighted average result so far this year at 61.7 per cent (1,915 auctions).

The results segregated by property type showed that units outperformed houses this week, with 65 per cent of units selling, while the combined houses returned a 62.2 per cent success rate; conversely the house market accounts for a higher proportion of overall auction activity.

 

Melbourne saw a total of 905 auctions take place this week, returning a 63.8 per cent preliminary clearance rate, which was slightly higher than the 62.4 per cent over the week prior when 873 auctions were held.

The number of homes taken to auction across Sydney fell this week, with 551 held. The lower volumes returned a higher week-on-week clearance rate with 66.4 per cent of properties reportedly selling, increasing on the week prior’s 61.5 per cent final clearance rate when volumes were higher (795).

The performance across the smaller auction markets continues to be quite varied, with Tasmania returning the highest preliminary clearance rate of 75 per cent, while only 19 per cent of auctions were successful across Perth.

From CoreLogic

There were 1,890 homes taken to auction across the combined capital cities this week, with preliminary results showing a 64.5 per cent success rate. In comparison, 1,839 auctions were held last week and the final clearance rate came in at 62.8 per cent.

 

Over the same week last year, auction volumes were significantly lower due to the Easter weekend with just 493 homes going under the hammer across the combined capital cities, although the clearance rate was a stronger 73.9 per cent.

 

In Melbourne, a preliminary auction clearance rate of 64.3 per cent was recorded across 874 auctions this week, down from 68.2 per cent across 723 auctions last week. Over the same week last year, 102 homes were taken to auction across the city, returning a clearance rate of 81.3 per cent.

Sydney was host to 774 auctions this week, with preliminary results showing a 64.9 per cent success rate, up from 62.9 per cent across 795 auctions last week. This time last year, the clearance rate was a stronger 77.0 per cent across 279 auctions.

 

Canberra recorded the highest preliminary clearance rate this week (74.3 per cent), followed by Adelaide (70.6 per cent).

Looking at auction volumes, Melbourne was the only city to see an increase in the number of homes taken to auction this week, while all other cities saw lower volumes week-on-week.