Preliminary Auction Results Show 50.7% Of Homes Sold At Auction
Published Oct 15, 2018 13:59
Auction clearance rates continue to fall
There were 1,850 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 50.7 per cent. Last week, the final auction clearance rate came in at 49.5 per cent across a slightly lower 1,817 auctions. While preliminary results show an improvement on last week’s final clearance rates, it’s likely that the final weighted average result will see its usual downward revision as more results are collected and come in below 50 per cent for the 3rd consecutive week. If we compare figures from this time last year, both clearance rates and volumes were significantly higher (2,525 auctions, 67.1 per cent cleared).
Interestingly, looking at results by property type, units were much more successful at auction this week with 58 per cent selling, while only 48 per cent of houses sold. Quite a difference to the same week last year, when both property types saw virtually the same success rate (67 per cent).
There were 914 auctions held in Melbourne this week with a preliminary clearance rate of 52.1 per cent, after last week saw a slightly lower 904 homes go under the hammer, returning a final clearance rate of 51.8 per cent. Over the same week last year, 1,223 auctions were held across the city and a clearance rate of 73.2 per cent was recorded.
Sydney was host to 645 auctions this week with preliminary results showing a clearance rate of 52 per cent, increasing on last week when 46.1 per cent of the 611 auctions held sold under the hammer. However, lower than the 63.3 per cent success rate seen over the same week last year when more Sydney homes went to auction (928).
h3 Auction results by property type/h3
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Across the smaller auction markets, the highest preliminary clearance rate was recorded in Canberra where 63.6 per cent of the 55 reported auctions were successful, followed by Adelaide were 53.3 per cent of homes sold.
h3 Sub-region auction stats/h3
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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