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Higher volumes across the combined capital cities have seen fewer homes sell at auction over the past week, according to new CoreLogic data.
CoreLogic’s Property Market Indicator Summary for the week ending 1 September 2019 found there were 1,605 homes taken to auction across the combined capital cities this past week, up from 1,415 homes the week prior.
The higher volumes saw the preliminary clearance rates fall to 73.6 per cent overall, according to CoreLogic. In comparison, the week prior saw a final auction clearance rate of 74.2 per cent, marking the highest result since April 2017.
“Year-on-year results continue to see volumes trend lower each week compared to corresponding weeks one year ago, while clearance rates are up by around 15–20 percentage points,” the CoreLogic research said.
“Melbourne returned a preliminary auction clearance rate of 76.1 per cent this week as volumes increased across the city. There were 769 homes taken to market across Melbourne, up on the 662 auctions held last week when a higher 77 per cent sold as at final figures.
“In Sydney, 584 homes were taken to auction, returning a preliminary auction clearance rate of 78.9 per cent, increasing on the 503 auctions held the week prior when the city returned a final clearance rate of 78.1 per cent.
“Across the smaller auction markets, Adelaide saw 62.5 per cent of homes sell at auction, making it the best performing of the smaller auction markets, although Canberra wasn’t far behind with a preliminary clearance rate of 61.5 per cent.”
Sydney
Taking a closer look at the results, CoreLogic found Baulkham Hills and Hawkesbury were the Sydney “sub-regions” that posted the highest clearance rate at 91.7 per cent.
This was followed by the Sutherland region at 90.9 per cent and the Northern Beaches at 90.3 per cent.
On the opposite end of the scale, the Central Coast and Inner West regions recorded the lowest clearance rates, at 50 per cent and 71.4 per cent, respectively.
Melbourne
Outer East Melbourne was the Victorian area most sought-after, according to CoreLogic. This sub-region recorded a 90.7 per cent clearance rate over the week to 1 September.
Next up was Inner East Melbourne at 87.2 per cent and South East Melbourne at 82.1 per cent.
Oppositely, the Mornington Peninsula recorded the lowest clearance rate out of Melbourne’s sub-regions at 53.9 per cent.
Other
In terms of “regional auction results”, CoreLogic found the Geelong area yielded the highest auction clearance rate over the week to 1 September at 77.8 per cent.
This was followed by the Wollongong region at 73.3 per cent, the Hunter region at 50 per cent, and the Gold Coast and Sunshine Coast, which both recorded a 40 per cent auction clearance rate.
ABOUT THE AUTHOR
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: Emma.Ryan@momentummedia.
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