Preliminary auction clearance rate just short of 70%

By Duane Kaak, Data Acquisition & Research, CoreLogic

Auction activity across the combined capital cities more than doubled this week to 1,704 after the Easter holiday long weekend (652). Of the 1,333 results collected so far, 69.8% were successful, up two percentage points from last week’s preliminary clearance rate of 67.8%, which revised down to 61.5% at final figures.

In the four weeks prior to Easter, the preliminary auction clearance rate was averaging 68.8%, with a final clearance rate of 65.7%. This time last year, 62.4% of reported auctions were successful.

Sydney hosted 680 auctions this week, while last week saw just 371 homes taken to auction across the capital. This time last year, 480 auctions were held across the city. Of the 522 results collected so far, 72.0% were successful, up 60 basis points from last week’s preliminary clearance rate (71.4%), which revised down to 64.6% at final figures. This time last year, a clearance rate of 58.9% was recorded across Sydney.

There were 706 homes taken to auction in Melbourne this week, the busiest of the capital cities, compared to 108 last week and 196 this time last year. 72.4% of the 590 results collected so far were successful, up 14.8 percentage points on last week’s preliminary clearance rate of 57.6%, which revised down to 50.9% at final figures. This time last year, 64.3% of reported auctions were successful.

Across the smaller capitals, Adelaide held the most auctions (122), followed by Canberra (93) and Brisbane (89). In terms of clearance rates, Adelaide had a preliminary clearance rate of 70.4%. Canberra’s preliminary clearance rate was 48.7%, while 56.3% of auctions reported in Brisbane so far this week have been successful. In Perth, nine of the 12 results have been collected so far, six of which were successful. Tasmania held two auctions this week, and the one result collected so far was unsuccessful.

Auction volumes are set to decrease slightly next week with just under 1,500 homes currently set for auction across the combined capital cities. Around 635 of those auctions are scheduled in Melbourne, which is set to surpass Sydney as the busiest auction market next week.

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