Digital Finance Analytics (DFA) Blog
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The preliminary auction clearance results for today from Domain are in, and show ongoing momentum, though at a slower clip than in the weeks before Easter.
Sydney cleared 75% with 304 sold, compared with 68.9% on 275 a year ago. Melbourne cleared 79.5% with 419 sold, compared with 71.5% on 331 last year. Nationally 810 were sold at 75.3%, compared with 958 at 68.1% a year ago.
Brisbane cleared 50% with 99 scheduled, Adelaide 65% of 73 scheduled and Canberra 68% of 46 scheduled auctions.
Across the combined capital cities, the auction clearance rate rose to 78.8 per cent last week, from 74.8 per cent the previous week. The number of homes taken to auction, however, fell to just 487 across the capital city markets, with Sydney host to the majority of auctions last week (275). Preliminary results for Sydney show that 82.4 per cent of reported auctions (187) were successful, the strongest clearance rate for the city this year; however it is likely that this will revise down as further results are captured over the coming days. In Melbourne, traditionally the country’s largest auction market, there were just 99 auctions held last week, with 55 results reported so far and a clearance rate of 85.5 per cent so it will be interesting to see what happens when the remaining results are obtained.
Auction activity ramped up across the combined capital cities this week in the lead up to Easter, with 3,424 homes taken to auction this week, recording the highest volume of auctions year-to-date. The preliminary clearance rate remains strong despite the increase in volumes over the week, with 77.6 per cent of auctions reporting as successful. This week’s results are higher than both last week’s 75.9 per cent across 2,657 auctions and the same time last year when 67.1 per cent of the 1,831 auctions were cleared. However, if we compare to the pre-Easter weekend in March last year, volume’s reached their highest level for 2016, with 3,540 auctions held.
The preliminary auction clearance results for today from Domain shows clearance rates and listings remained strong.
Sydney cleared 80.9% on 700 sales, compared with 549 last week. Melbourne cleared 768 compared with 655 last week, at a rate of 81.4%. Nationally, 1,601 sales were reported, compared with 1,309 last week, representing 79.9% of listings.
Canberra cleared 70% of 115 listed, Adelaide 86% of 112 listed and Brisbane 56% of 140 listed.
The combined capital city preliminary clearance rate remains in the mid-high 70 per cent range for another week, while auction volumes decrease week-on-week. There were 2,646 properties taken to auction this week, down from 3,171 last week, when auction volumes reached their second highest level so far this year. Despite auction volumes shifting generally higher over the last few weeks, the weighted average clearance rate has remained relatively consistent, with preliminary results this week showing 78.1 per cent of the 2,121 reported auctions were successful, increasing from 74.5 per cent last week and also higher than the corresponding week last year when a 66.6 per cent clearance rate was recorded across a significantly lower volume of auctions coming out of the Easter period (1,582).
The preliminary auction clearance results today from Domain continue the trend of high clearance rates, even if absolute volumes were down a little from the highs of last week.
Sydney achieved 81.3% with 479 sales, compared with 74.4% last week on 591 sales. Melbourne achieved 80.5% on 627 sales, compared with 75.9% last week on 975 sales. The national clearance rate was 79.4%, compared with 73.7% last week and 65% last year.
Brisbane cleared 62% of 99 scheduled auctions, Adelaide 79% of 73 scheduled and Canberra 60% of 48 auctions.
CoreLogic says the amount of auction activity across the capital cities increased this week, up from 2,916 last week to 3,147 this week; the largest number of auctions since the last week of February 2017 when 3,301 auctions were held. This time last year was the Easter long weekend, so auction volumes were substantially lower, with 554 homes taken to auction across the combined capital cities. This week’s preliminary weighted average clearance rate across the combined capitals was 77.1 per cent, increasing from 74.1 per cent over the previous week and up from 70.9 per cent one year ago. Sydney saw the highest preliminary clearance rate across the cities at 81.1 per cent, while across the remaining cities; clearance rates increased week-on week with the exception of Brisbane and Perth where clearance rates fell.
The latest preliminary data from Domain shows continuing momentum in today’s auction results.
Sydney achieved a clearance of 80.2% compared with 76.7% last week, and 61.4% last year. The volumes are also up. In Melbourne, clearance was 79.5%, higher than the 75.3% last week and nationally, clearances were at 78% compared with 73.8% last week.
Our surveys suggest that investors are rushing to purchase ahead of the upcoming budget in May, as they fear the generous tax breaks may disappear. First time buyers are being beaten to the punch.
Brisbane achieved 47% on 138 auctions, Adelaide 64% on 79 scheduled and Canberra 77% on 78.
The capital city clearance rate increased this week, with preliminary results showing that 76.2 per cent of reported auctions across the combined capital cities were successful, compared to 75.1 per cent last week and 68.8 per cent one year ago. Auction activity increased over the week with 2,844 homes taken to auction, up from 1,473 last week; however this time last year, volumes were higher with 3,540 properties taken to auction. Each individual capital city market has seen a rise in auction volumes over the week, while clearance rates have been somewhat varied. The highest preliminary clearance rate was in Sydney where 83.9 per cent of auctions cleared over the week, followed by Canberra at 76.6 per cent.
The preliminary results for today are in from Domain, and we see strong clearance rates in the main Sydney and Melbourne markets.
The national clearance rate was 77.6% compared with 74.3% last week, with 1,333 sold compared with 705 last week, and 1,897 last year. Sydney achieved 82.2% with 443 sales and Melbourne 775 compared with 152 last week (a holiday weekend). So high clearance rates, but on lower sales volumes.
Brisbane cleared 53% of 105 scheduled auctions, Adelaide 64% of 68 scheduled and Canberra 68% of 83 scheduled auctions.
