Auction market maintains subdued run

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After a strong start to the year, Australia’s auction market looks to have hit somewhat of a soft patch, with it again looking like it will be unable to produce a national clearance rate of 70% or above.

According to CoreLogic RP Data, Australia’s capital cities held a total of 1,809 auctions last week, with the preliminary clearance rate currently sitting at 67.8%.

That is slightly up on the previous week’s clearance rate of 66.6%, however it is significantly lower than the 77.2% recorded during the same week last year.

Melbourne was the busiest individual market last week, with the Victorian capital holding 794 auctions, with its preliminary clearance rate currently sitting at 73.2%.

So far that is stronger result than the previous weeks, where Melbourne recorded a clearance rate of 69.2% from 584 auctions.

All Melbourne sub-regions except for the South East and Inner East managed to record clearance rates of 70% or above.

In Sydney, last week saw 662 auctions held, with a preliminary clearance rate of 67.4% recorded.

The previous week saw the harbour city record a final clearance rate of 69.8%, while the clearance rate for the corresponding week 12 months ago was much higher at 83.4%.

The best performing Sydney sub-region was the Inner West with a preliminary clearance rate of 87%, while the lowest result for the week was recorded at in the South West at 41.4%.

Last week saw Brisbane hold a total of 161 auctions, up from the 141 held last week.

Brisbane’s clearance rate also experienced a small increase, with the preliminary result sitting at 56.6% compared to the previous week’s 52.9%.

In Adelaide, the preliminary clearance rate currently sits at 63.6%, well down on last week’s result of 71.2%.

Auction volumes remained relatively steady in the South Australian capital over the week, with 73 held last week compared to 76 the previous week.

Canberra held 69 auctions last week, with its preliminary clearance rate sitting at 64.3% after bouncing back from the previous week’s 50.8%.

Perth held 24 auctions last week and produced a clearance rate of 25%.

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