Subdued auction volumes bring about clearance rate dip

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Australia’s national auction clearance rate looks to have fallen slightly on the back of a week of subdued activity.

With a number of markets enjoying a long weekend, CoreLogic’s figures show just 1,053 auctions were held in Australia’s capital cities last week, significantly down on the previous week’s 2,008 auctions.

Early results from last week show the preliminary national clearance rate currently sits at 67.2%, down slightly from the previous week’s result of 68.2%.

Sydney was the busiest auction market last week, with it holding 427 auctions and returning a preliminary clearance rate of 76.3%.

That mark is an increase on the previous week’s result of 72.9%, however that results came from a 692 auctions.

The Northern Beaches (95.5%) was Sydney’s strongest sub-region last week, followed by the Eastern Suburbs (86.1%) and City and Inner North (86%).

Melbourne, which has dominated in terms of auction numbers for much of this year, held just 337 auctions last week and recorded a preliminary clearance rate of 66.9%.

That mark is down from the previous week’s result of 71.1% and if there no is no further upward revision will be the first time in four weeks the Victorian capital has recorded a clearance rate below 70%.

With no public holiday in Queensland, Brisbane’s auction volumes remained relatively steady, with the city holding 139 auctions last week, compared with 130 the previous week.

The Queensland capital did see a slight dip in its clearance rate however, with its preliminary rate sitting at 46.5% compared to the previous week’s 48.2%.

In Adelaide, auction volumes fell over the week from 98 to 73, however the city did record the highest clearance rate of any market over the week with a preliminary result of 78.3%.

That mark is also the highest clearance rate recorded in Adelaide during 2016.

In Perth, the preliminary clearance rate currently sits at 30.8%, up from the previous week’s mark of just 13%.

Canberra’s preliminary result sits at 66.7%, up from 52.4% the week prior.
 

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