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A preliminary auction clearance rate of 74.6 per cent has been recorded across Australia’s combined capital cities over the week ended 20 February.
CoreLogic’s latest Property Market Indicator Summary reported that 2,898 auctions were held across the combined capital cities, a 20.7 per cent rise from the previous week and up 36.2 per cent same the time last year.
Of the 2,420 results collected so far, 74.6 per cent have reported a successful result, decreasing on the previous week’s preliminary clearance rate of 75.7 per cent, which did then revise down to 73.5 per cent at final figures.
Despite auction volumes increasing, CoreLogic research analyst Caitlin Fono has flagged that “with 478 results outstanding, it’s likely this week’s results will be revised down at final figures and could mark the end of the upwards trend in clearance rates seen throughout the year to date”.
One year ago, 2,128 auctions were held, where 79.6 per cent of results were successful.
Melbourne was the only capital city that saw a spike in preliminary clearance rate and ranked as the busiest auction market for the second week in a row, with 1,328 homes going under the hammer. So far, 1,141 auction results have been collected, returning a preliminary clearance rate of 74.2 per cent.
One year ago, 77.4 per cent of reported auctions were successful across Melbourne.
Meanwhile, Sydney saw auction volumes surpass 1,000 for the first time this year. A total of 1,020 homes went to auction this week. Of the 855 auction results collected so far, it’s reporting a 75.6 per cent preliminary clearance rate, which isn’t so far from the 75.4 per cent final clearance rate the week prior but definitely down from its preliminary rate of 79.6 per cent.
This time last year, 83.4 per cent of reported auctions were successful.
As auction activity returned after a brief slump last week, clearance rates fell across the smaller capitals.
The volume of auctions held this week was a big jump from the quantity recorded this time last year (265), with 550 residences taken to auction across the smaller capitals.
Canberra was the only capital to earn a preliminary clearance rate of more than 80 per cent for the fourth week in a row, with 80.2 per cent of the 116 results recorded thus far giving a positive result.
Elsewhere, it’s a different story: Adelaide’s clearance rate dropped from 78.5 per cent the week before to 76.5 per cent this week, while Brisbane’s clearance rate dropped to 68.6 per cent from a 24.1 per cent increase in auction activity.
Sixty-six per cent of auctions held in Perth were successful, but only two results were gathered in Tasmania, both of which were unsuccessful.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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