Capital city auction markets record highest preliminary clearance rate this year

By |
According to the latest CoreLogic Property Market Indicator Summary, capital city auction markets recorded the highest preliminary clearance this year, reaching 80.2%. In the week ending on 23 October 2016, the number of homes taken to auction increased to 2,641, compared with 2,443 over the previous week.

“The preliminary clearance rate of 80.2 per cent is the highest recorded for the year so far, up from 76.2 per cent [in the prior week],” noted Cameron Kusher, head of research at CoreLogic.

Over the corresponding week last year, the clearance rate was significantly lower at 64.9%. However, auction volumes were higher as 3,143 auctions were held. Every capital city, with the exception of Perth, recorded a preliminary clearance that was higher than a year ago, while the two largest auction markets, Sydney and Melbourne, recorded a preliminary clearance rate higher than 80% (85.6% and 81.8% respectively).   

In Melbourne, 81.8% of the 1,229 reported auctions sold in the week ending on 23 October. This is the second time in October that the clearance rate for Melbourne was above 80%. A total of 1,378 auctions were held across the city that week, up from 1,182 in the prior week when the final auction clearance rate was 77.7%, and lower than the 1,690 auctions held one year ago, with a lower clearance rate of 69.7%.

In contrast, 866 auctions were held in Sydney in the week ending on 23 October, down from 913 over the previous week. “The preliminary clearance rate of 85.6 per cent is the highest recorded for the year to date. Since the beginning of spring Sydney’s clearance rate has remained above 78 per cent. This week’s clearance rate (85.6 per cent) is up from 81.4 per cent last week; it is significantly higher than this time last year, when a clearance rate of 61.3 per cent was recorded across 1,024 auctions,” noted Kusher.


Related Stories:
More Than 2,200 Auctions Expected This Week
House Prices Continue To Rise In September

 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : geelong west , wiley park , goulburn , tweed heads south , millner

go back

Get help with your investment property



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here