Auction market puts up another solid showing

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Australia’s auction market has continued its solid start to 2016, with preliminary figures from CoreLogic RP Data showing another respectable result for the national clearance rate.

Last week’s national clearance rate currently sits at 72.3%, compared to the previous week’s result of 71.8%, while the corresponding week one year ago returned a clearance rate of 77.3% from more than 2,200 auctions

Sydney is again home to the nation’s highest clearance rate, with its preliminary result coming in at 77.2% from 724 tracked auctions.

The result is only slightly lower than the previous week’s result of 78.1%, which was the city’s highest clearance rate since August 2015.

Last week, the City and Inner South were Sydney’s best performing sub-regions, returning a preliminary clearance rate of 88.2%, while Baulkham Hills and Hawkesbury was the worst performer with a preliminary rate of 50%.

While Melbourne topped Sydney in terms of auction volumes, with 1,057 auctions, its clearance rate is somewhat lower.

Currently, Melbourne’s preliminary clearance rate sits at 73%, just below the 74.4% the city recorded during the previous week.

Inner Melbourne (234), Inner South Melbourne (157) and Inner East Melbourne (146) were the busiest sub-regions across the city, while the best performing region in terms of clearance rate was the Outer East with a preliminary clearance rate 79.6%.

In what was a relatively busy week for Brisbane last week, with 169 auctions held, the Queensland capital currently holds a preliminary clearance rate of 54.5%,

That mark is higher than the previous week’s 48.6%, but lower than the 63.6% recorded this time last year.

From its 109 auctions last week, Adelaide has returned a preliminary clearance rate of 69.9%, which is lower than the 75% recorded over the previous week; however it is well up on the 53.3% registered 12 months ago.

Preliminary results show 46.2% of Perth auctions sold last week.

In comparison, over the previous week the clearance rate was 31.6%, while one year ago 46.4% of Perth auctions were successful.

Despite auction volumes almost doubling in Canberra last week, from 59 to 104, the nation’s capital saw its clearance rate hold steady at 71.2%.

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