Tag: Auction Results

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.

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.

From Corelogic.

As auction volumes return to more normal levels after the festive period slowdown, auction clearance rates are holding higher than late 2017.

A preliminary auction clearance rate of 69.1 per cent was recorded across the combined capital cities as auction activity ramped up this week, with a total of 1,963 homes taken to auction, increasing from the 1,490 auctions held last week when (based on final results) 63.7 per cent cleared. While auction activity has increased over the last couple of weeks coming out of the slowdown, volumes are increasing at a slower pace than what was seen over the equivalent period last year (2,291).

 

Sydney’s preliminary clearance rate was recorded at 74.3 per cent across 718 scheduled auctions; well above the trend over the final quarter of 2017 where auction clearance rates were tracking in the low 50 per cent range.  A preliminary auction clearance rate of 70.7 per cent was recorded across Melbourne, which is unchanged from last week’s final clearance rate, however volumes increased this week with 923 auctions held up from 619 last week.

 

This will be the first week in some time where Sydney has outperformed Melbourne, however as final results are collect it will be interesting to see how this revises.

The performance across the smaller auction markets was varied this week, with Adelaide recording a preliminary auction clearance rate of 67.3 per cent, while only 12.5 per cent of auctions were successful in Tasmania.

Looking at results by broad property types, Sydney houses were the best performing market this week, with 74.6 per cent of properties selling, followed closely by Melbourne’s unit market with 74.1 per cent of units selling, which was higher than Sydney’s units.

CoreLogic’s final auction  results are out for last Saturday.  Higher than last week, but significantly lower than last year at this time.

Last week, the final auction clearance rate increased across the combined capital cities, returning a 63.7 per cent clearance rate across almost double the volume of auctions week-on-week (1,470).

Over the week prior, a clearance rate of 62.0 per cent was recorded across 790 auctions. Both auction clearance rate and volumes were lower than what was seen one year ago, when a 73.2 per cent clearance was recorded across 1,591 auctions.

CoreLogic has published their preliminary auction clearance results for last Saturday.

This week across the combined capital cities, auction volumes continued to increase with 1,464 homes taken to auction returning a preliminary clearance rate of 67.7 per cent, increasing from 62.0 per cent across 790 auctions last week, although this is likely to revise down over the week. Over the same week last year 1,591 auctions were held, while the clearance rate was a stronger 73.2 per cent. Adelaide and Perth were the only cities to see clearance rates fall over the week, while volumes increased everywhere except Adelaide. The strongest preliminary clearance rate was recorded in Melbourne (72.5 per cent), followed by Adelaide (68.9 per cent).

According to Corelogic, last week, the combined capital cities returned a final auction clearance rate of 62 per cent across 790 auctions, with both clearance rate and volumes recording lower than last year when 68.8 per cent of the 881 auctions cleared.

The two strongest auction markets in terms of clearance rate last week were Melbourne and Adelaide, with both cities recording a 70.2 per cent rate of clearance. Followed by Canberra (62.2 per cent) and Sydney (57.1 per cent), while Brisbane, Perth and Tasmania all recorded clearance rates at or below 50 per cent.

It is expected that auction volumes will returned to normal levels in the coming weeks and a true reading of auction market conditions can be established.

Outside of the capital city markets, Geelong returned a final clearance rate of 88.9 per cent across 20 auctions. While the Gold Coast recorded the highest volume of auctions with 96 held, however only 46.9 per cent were successful.