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Record clearance rates in capital cities

17 August 2016 Tim Neary

Despite ongoing concerns about a weakening property market, capital cities recorded the highest clearance rate for the year last week.

Despite ongoing concerns about a weakening property market, capital cities recorded the highest clearance rate for the year last week.

The latest CoreLogic Auction Market Preview revealed that the combined clearance rate rose to 72.5 per cent last week, from 72.0 per cent the week prior.

However, auction volumes were lower over the week, with 1,540 capital city auctions recorded. Sydney and Melbourne were the top-performing capital cities, with final clearance rates of 77.5 per cent and 74.2 per cent respectively.

Canberra followed closely, with 74.1 per cent of reported auctions successful. Despite being the three strongest performing capital cities, individual clearance rates for Sydney, Melbourne and Canberra were lower than the previous week.

Clearance rates also fell in Adelaide (63.5 per cent) and Perth (36.0 per cent). Brisbane was the only capital city to show a week-on-week rise, up from 48.5 per cent the previous week to 54.5 per cent last week.

Outside the capital city markets, Wollongong  recorded the strongest auction clearance rate, at 75.9 per cent.

Auction activity

CoreLogic is tracking 1,318 auctions this week, down from 1,540 last week and significantly lower than one year ago, when 2,118 capital city auctions were held.

The two major auction markets of Sydney and Melbourne have a similar number of auctions scheduled this week, with 563 to be held in Melbourne and 549 in Sydney.

For both cities, this number is lower than last year, when there were 908 auctions in Melbourne and 915 in Sydney.

Across the smaller capital cities, auction activity is also lower, week-on-week, for Adelaide, Brisbane and Canberra.

In Perth, auction activity is set to remain relatively steady, with 30 auctions scheduled this week.

[Related: Yields hit record lows for Sydney and Melbourne]

Record clearance rates in capital cities
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