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Clearance rates improve across lower auction volumes

03 August 2020 Emma Ryan
Clearance rates improve across lower auction volumes

Preliminary figures show improved clearance rates across the combined capital cities for the week ended 2 August.

CoreLogic’s latest data has found there were 1,162 homes taken to auction for the week, returning a preliminarily success rate of 65.3 per cent. This is a jump from the week prior, where preliminary results came in at 59.2 per cent, later revised down to 54.1 per cent. 

The same time 12 months ago, CoreLogic tracked 1,108 capital city homes, returning a final auction clearance rate of 66.4 per cent, meaning a similar result year-on-year.

“There were 351 Melbourne homes scheduled for auction this week, lower than the 540 over the week prior,” CoreLogic said.

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“The lower volumes saw Melbourne’s preliminary clearance rate improve, with 59.8 per cent of auctions successful, as fewer withdrawn auctions were recorded this week, lifting the success rate. 

Of the 296 results collected so far, 86 were withdrawn results, which is quite a bit lower than last week’s 217 withdrawn results, equating to a 29 per cent and 40 per cent withdrawal rate, respectively. Of the sold results collected, just under 50 per cent reportedly sold prior to the scheduled auction date. 

“One year ago, 500 Melbourne homes were auctioned, returning a final clearance rate of 70.9 per cent.”

Looking at Sydney, CoreLogic found 578 homes were taken to auction across the harbour city, returning a preliminary auction clearance rate of 68.2 per cent. This marked an improvement on last week’s final clearance rate of 60.6 per cent across a “slightly higher” 594 auctions. 

“Over the same week last year, Sydney volumes were a lower 386 with a success rate of 72 per cent,” CoreLogic said, adding that across the smaller cities, Adelaide and Canberra “came in with equal highest clearance rate over the week, with 80 per cent of homes selling at auction”.

Clearance rates improve across lower auction volumes
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Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of editorial at Momentum Media.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]com.au

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