Auction Clearance Rates Continue To Track At Sub-50% Levels
Published Nov 05, 2018 16:24
The auction clearance rate rose to 47.4% last weekend
The first week of November saw fewer homes taken to auction across the combined capital cities, after last week recorded the fifth busiest week for auctions this year (2,928). There were a total of 1,529 auctions held this week returning a preliminary auction clearance rate of 47.4 per cent, increasing only slightly on last week’s final clearance rate of 47 per cent. As the remaining results are collected, the final clearance rate will see its usual downward revision and likely come in lower than last week. Over the corresponding week last year, a much higher 61.5 per cent of auctions were successful (2,046).
Melbourne saw the most notable dip in volumes this week; the lower volumes is what we traditionally see the week just prior to the Melbourne cup festivities, while also coming off the back of the second busiest week for auctions this year last week (1,709). There were only 264 Melbourne homes taken to auction this week, returning a preliminary clearance rate of 50.5 per cent. Last week, a final clearance rate of 48.6 per cent was recorded across the higher volumes.
A preliminary auction clearance rate of 47.7 per cent was recorded across Sydney this week, improving on last week’s final clearance rate of 45.3 per cent. There were 801 auctions held across the city this week, which was only 3 extra auctions compared to last week.
Across the smaller auction markets, Adelaide was the best performing in terms of clearance rates with 57.6 per cent of auctions successful, while only 33.3 per cent of homes sold across Brisbane this week.
h3 Auction results by property type/h3
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The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.
Written By: Core Logic
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