Auction Results 25 Nov 2017

The preliminary results are in from Domain.  Melbourne continues to run ahead of Sydney, with rates in the mid 60’s, significantly below this time last year. Typically the final results are lower.  More evidence of a cooling market, so expect prices to move lower.

Brisbane cleared 59% of the 119 scheduled auctions, Adelaide 61% of 106 and Canberra 67% of 99 scheduled.

Sydney Leads Auction Clearance Rates Lower

Further confirmation today that Sydney is leading the property market lower, based on the preliminary auction results from CoreLogic.

The combined capital cities returned a preliminary auction clearance rate of 65.4 per cent this week across 3,335 auctions making it the third busiest week for auctions so far this year, increasing from 62.8 per cent across 2,907 auctions last week. This time last year, 2,987 homes were taken to auction and a clearance rate of 74.4 per cent was recorded.

The final clearance rate has remained below 65 per cent for the last 4 weeks and it’s likely that this will be the case again on Thursday when the final results are released. One of the biggest contributors to the softer auction market conditions is Sydney, where the final clearance rate has remained below 60 per cent since the last week of October, while Melbourne has slipped below 70 per cent for the second week in a row.

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Auction Clearance Rates Continue To Track Below 70%

From CoreLogic.

This week, there were 2,894 auctions held across the combined capital cities returning a preliminary auction clearance rate of 66.5 per cent, increasing on last week when the final auction clearance rate fell to its lowest reading since early 2016, when 61.5 per cent of the 2,045 auctions cleared. Clearance rates have continued to track below 70 per cent since June the year; this is a considerably softer trend than what was seen over the same period last year when clearance rates were tracking around the mid 70 per cent range for most of the second half 2016.  Results across each of the individual markets were varied this week, with Canberra recording the highest preliminary auction clearance rate of 72.9 per cent, while in Brisbane only 45.7 per cent of auctions cleared.

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Another Weak Set of Auction Results – 11 Nov 2017

The Domain preliminary auction clearance results are in, and they appear to reveal another weak result, especially in the Sydney market.  The overall rates are lower than this time last year.

The clearance rate in Brisbane was 32% on 143 listed,  Adelaide achieved 76% on 81 scheduled and Canberra 71% on 102 auctions.

Auction Volumes Fall Across the Combined Capitals

From CoreLogic.

There were significantly fewer homes taken to auction across the combined capital cities this week, after last week saw volumes reach a year-to-date high (3,713). There were a total of 2,019 auctions held returning a preliminary auction clearance rate of 66.8 per cent, increasing on last week’s final clearance rate of 64.5 per cent. Over the corresponding week last year, 73.6 per cent of the 2,517 auction held were successful.

Melbourne saw the most notable decrease in volumes; the lower volumes a likely result of the upcoming Melbourne cup festivities and coming off the back of the busiest week for auctions ever recorded for the city last week, with only 309 held this week and 77.3 per cent clearing. Sydney’s preliminary auction clearance rate rose this week to 67.4 per cent, after last week’s final auction clearance rate fell to its lowest recorded since January 2016 (58.3 per cent), while volumes remained steady week-on-week. Performance across this remaining capital cities was varied this week, with Perth returning the lowest clearance rate of 30 per cent.

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Auction Results 04 Nov 2017

The Domain preliminary auction results are in, and the national clearance rate is sitting at around 66%, compared with 71% last year, on lower volumes. Melbourne of course is down ahead of the Melbourne Cup.

Brisbane cleared 43% of 125 scheduled auctions, Adelaide 63% of 83 scheduled and Canberra 71% of 100 auctions. So momentum is strongest in Canberra and Melbourne, although more property actually changed hands in Sydney. We expect the weakness in the market to continue in the weeks up to the summer break.

Auction Volumes Across the Combined Capital Cities Reach Their Highest Level Year-to-Date

From CoreLogic.

Preliminary clearance rates hold firm as volumes across the combined capital cities reach their highest level year-to-date and Melbourne records its busiest auction week on record.

This week, the combined capital cities saw the number of auctions held reach a new year-to-date high, with a total of 3,690 held, surpassing the previous 2017 high recorded over the week prior to Easter when 3,517 auctions were held. The higher volumes returned a preliminary auction clearance rate of 67.8 per cent, rising from a final clearance rate of 64.7 per cent last week, when fewer auctions were held (2,519).  This week’s surge in volumes can be attributed to activity across Australia’s largest auction market in Melbourne, where volumes across the city reached their highest on record this week, with 1,983 held recording a preliminary auction clearance rate of 71.7 per cent. Sydney also saw a substantially higher volume of auctions this week with 1,196 homes taken to auction, recording a clearance rate of 64.1 per cent.  Sydney’s clearance rate has been consistently below 65 per cent since the first week of October.  Activity across the remaining auction markets was varied with Brisbane recording the lowest preliminary clearance rate (47.1 per cent).  Historically auction volumes have peaked around late November / early December; if this trend holds true this year, we could see new records being set for auction volumes as the Spring season concludes.

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Auction Results 28 Oct 2017

We have the preliminary results from Domain, which underscores the gap between the momentum in Sydney and Melbourne. Total listings and clearance rates were significantly higher down south.

In addition, while Brisbane achieved 39% on 135 scheduled auctions, Adelaide, reached 69% of 96 scheduled (at a clearance rate HIGHER than Sydney!) and Canberra cleared 82% of 100 scheduled, the highest in the country. This chimes with our surveys, which shows significant numbers of property investor switching away from Sydney and towards both Canberra and Adelaide, where property is more reasonable, and where tenants are paying, on a net rental basis, higher rates.

So the question is, will Sydney continue to stall, as prices continue to slide, and will the same falling trends begin to spread to the more buoyant states?

We are on a knife edge…!

Preliminary Auction Clearance Rate Remains Below 70%

From CoreLogic.

The combined capital cities returned a preliminary auction clearance rate of 69.4 per cent this week, marking the 21st consecutive week where the clearance rate has held below 70 per cent.  The trend towards softer auction market conditions has been led by the Sydney market where the final auction clearance rate has remained below 65% since the first week of October.

Auction volumes were similar week-on-week, with 2,471 properties taken to auction, compared to 2,525 last week. This time last year, 2,680 homes were taken to auction and a clearance rate of 78.1 per cent was recorded. Tasmania, the smallest auction market, recorded the highest preliminary clearance rate with 80.0 per cent of the 5 reported auctions recording a successful result, followed by Melbourne with a preliminary clearance rate of 73.3 per cent across 1,030 results.

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