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Australia’s preliminary clearance rates fell from a six-month high last week, despite volume increasing.
According to CoreLogic, auction activity increased 13 per cent to 2,159 total auctions for the week ending 13 November compared to the previous week.
Yet over the same period, preliminary clearance rates Australia-wide declined from 63.7 per cent for the week ending 6 November — the highest since late May when the cash rate was just 0.35 per cent — to 60.1 per cent in the latest round of results.
Melbourne remained the busiest capital city, hosting 920 auctions across the seven-day period as the city’s preliminary clearance rate (60.1 per cent) from 787 currently collected results held above 60 per cent for the 16th consecutive week.
Having registered a 75.3 per cent success rate from 106 total auctions, the Victorian capital’s inner east was its most successful subregion this week. By contrast, its north-west — which returned a preliminary clearance rate of 51.8 per cent from 99 auctions — was its worst performer.
In Sydney, 786 homes went under the hammer across the week, marking the busiest week since the end of September. The harbour city was unable to replicate the success experienced in the previous week — when it recorded its greatest preliminary clearance rate (69.7 per cent) since mid-April — as that figure collapsed 8.8 percentage points to 60.9 per cent.
CoreLogic explained declining preliminary clearance rates in the NSW capital are attributable to uptake in the number of withdrawn auctions, which climbed to 24.4 per cent.
With 75.9 per cent of its 66 auctions returning a positive result, Sydney’s inner west was its strongest-performing subregion, while Sutherland was the weakest performer, mustering a preliminary clearance rate of 41 per cent from 41 auctions.
Across the smaller capitals, an activity increase of 31.5 per cent spurred Brisbane to be the busiest, with 171 homes auctioned off across the week. The Queensland capital registered a preliminary clearance rate of 41.8 per cent.
Adelaide hosted 149 auctions despite a 5.1 per cent activity decrease, while remaining the most successful capital city after 68.6 per cent of its auctions returned a positive result.
Canberra’s volume levels remained consistent with the week prior. The Australian capital hosted 112 auctions with a preliminary clearance rate of 59.7 per cent registered.
Just three of Perth’s 12 auctions returned a successful result, while just one of Tasmania’s three auctions found a buyer.
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