Clearance rate rises as election brings down auction numbers

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The federal election may have resulted in a fall in auction volumes last week, but competition for the limited stock available was strong.

Figures from CoreLogic show just 811 auctions were held across Australia’s capital cities last week, with the preliminary clearance rate currently at 70.7%.

The previous week saw 2,218 auctions held across the capital cities; however the national clearance rate was recorded at 66.4%.

For last week at least, Sydney took the crown as the nation’s leading auction market.

The New South Wales capital was the busiest in the nation, with 341 auctions held across the city, with its preliminary clearance rate of 80.4% the highest recorded so far.

The result continues Sydney’s solid run through winter, with it averaging a clearance rate of 73.4% throughout June.

Last week, North Sydney and Hornsby was the best performing Sydney sub-region with a clearance rate of 86.3%.

In Melbourne, 268 auctions were held, which was a significant drop on the 1,029 held the week prior.

Melbourne’s preliminary clearance rate currently sits at 71.6%, which is an improvement on the previous week’s 67.3%.

The Inner South was Melbourne’s best performing sub-region recording a preliminary clearance rate of 100%, while the South East sub-region also performed strongly at 86.4%.

In Brisbane, just 66 auctions were held last week, down from the 175 it held the week prior.

The preliminary results put Brisbane’s clearance rate at 38.6%, down from 41.8% over the previous week.

In Adelaide, auction volumes dropped to 69 last week, down from the previous weeks 90.

Adelaide’s clearance rate one the other hand increased, with the preliminary mark at 74.2% compared to a final result of 59.8% for the week prior.

In Canberra, the preliminary clearance rate sits at 71.2% from 26 auctions, while Perth’s preliminary result sits at 46.2%.

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