Higher auction volumes see preliminary clearance rates bounce back
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Oct 13, 2019
Higher auction volumes see preliminary clearance rates bounce back
A much higher number of houses going to auction saw a busy week for real estate agents
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The Home Page4 Nareeb Court, Toorak was one of the 977 homes that went to auction and sold by RT Edgar Toorak for $5 million. https://www.thehomepage.com.au/property/residential/4-nareeb-court-toorak/2744401
There were 2,017 homes taken to auction across the combined capital cities this week, up from 1,324 over the previous week.
Preliminary results show a clearance rate of 77.3 per cent, after last week’s final clearance rate dropped to 67.6 per cent.
CoreLogic's Market Analyst Kevin Brogan said outside influences such as public holidays and AFL and NRL grand finals did not have the influence they have had over the past weeks.
"Last week Sydney had 317 houses go to auction and this week it was 729," Mr Brogan told WILLIAMS MEDIA.
"This is post a public holiday and the NRL grand final."
Mr Brogan said, although the clearance rate will revise lower as final results are collected, it will likely hold around the low-mid 70 per cent range.
"Shout out to Adelaide this week as it made an auction clearance rate of 78.4 per cent on its own," Mr Brogan said.
This time last year, 1,851 auctions were held across the combined capitals, with less than half returning a successful result (47 per cent).
Melbourne
Melbourne saw 977 homes taken to auction this week, returning a preliminary clearance rate of 76.7 per cent. In comparison, last week saw 775 homes taken to auction returning a final clearance rate of 70.5 per cent.
Over the same week last year, a clearance rate of 50.4 per cent was recorded across 912 auctions.
Sydney
There were 729 homes taken to auction across Sydney this week with preliminary results showing a clearance rate of 82.3 per cent.
Over the previous week, a final clearance rate of 74.7 per cent was recorded across just 317 auctions.
One year ago, 647 auctions were held across Sydney returning a final clearance rate of 45.1 per cent.
Other markets
Across the smaller auction markets, Perth saw lower auction volumes week-on-week with only 22 this week and a clearing rate of 42.1 per cent.
Adelaide was a shining star with a 78.4 per cent clearing rate with 86 homes up for auction.
Brisbane had an increase in the number of houses going to auction with 122 and a clearance rate of 59.4 per cent.
Justin Nickerson of Apollo Auctions said South East Queensland had a slight slow down for the week.
"The bidder activity was noticeably slowed, with the active bidding percentage also suffering," said Mr Nickerson.
"The deluge on Saturday also affected crowd sizes, with neighbours understandably staying dry inside."
There were 74 Canberra properties put up for auction and a healthy clearance rate of 78.5 per cent.
Finally in Tasmania seven properties were auctioned with four selling.
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