According to CoreLogic RP Data, last week Australia’s capital cities held 2,583 auctions and so far have combined for preliminary auction clearance rate of 75.4%, indicating the combined capital rate will top the previous week’s 72.9% when finalised.
In Sydney, last week’s results could point to somewhat of a cooling in its auction market, despite a week-on-week improvement for its clearance rate.
The city’s preliminary clearance rate sits at 78.1%, an increase so far on last week’s result of 76.2%, however the preliminary rate currently sits below the result recorded for the same week last year, when the clearance rate was 79.9%.
If there is not improvement in the preliminary result, it will be the first time this year that Sydney market has been outperformed last year’s corresponding week.
There were six Sydney sub-regions that recorded an individual clearance rate higher than the city as a whole this week.
Eastern Suburbs (87.6%), North Sydney and Hornsby (86.3%) and the Inner West (85.1%) had the highest clearance rates, followed by Blacktown (84.6%), City and Inner South (82.8%) and Northern Beaches (81.5%).
Melbourne has also so far recorded an improvement in its clearance rate, with the Victorian capital positing a preliminary rate of 77%.
That result points to the city bouncing back from the 74.3% recorded during the previous which, which was the city’s worst result since February.
This week, the Inner sub-region was the busiest for auctions across Melbourne, with 253 homes going under the hammer.
Preliminary results show that 68% of the 219 reported results were successful.
In Brisbane, a preliminary clearance rate of 58.2% has been recorded, which currently sits above last week’s final result of 54.5%.
Perth’s market kept up its typical fluctuating behaviour, with a 66.7% clearance rate last week compared to 29.7% the previous week.
Adelaide’s clearance rate looks to have taken a hit with the preliminary clearance rate sitting at 64.8% compared to last week’s final result of 72.7%, while Canberra’s preliminary result is at 61.9%.
There were 4 Tasmanian auctions reported to CoreLogic RP Data last week, with 3 sales.