National clearance rate shows some resilience, despite another poor week of Sydney auctions

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Early figures have pointed to the Australian auction market showing some resilience in the face of elevated volumes last week.

According to CoreLogic RP Data, last week’s 3,649 auctions was the second highest weekly total for 2015, with the preliminary national clearance rate currently sitting at 60.1%. If there is no downward revision, this would represent an increase on the previous week’s result of 59.5%.

Last week saw Melbourne as the busiest market in the country, with the Victorian capital holding 1,828 auctions, compared to the previous week’s 1,510.

Melbourne’s preliminary clearance rate is 65%, which is currently a small increase on last week’s final result of 64.7%.

For the corresponding week last year, Melbourne returned a clearance rate of 63% from 1,635 auctions.

Inner Melbourne was the busiest of the city’s sub-regions last week, holding 347 auctions and has also so far returned the highest clearance rate of 71%.

Sydney held 1,284 auctions last week, with its preliminary clearance rate from 954 reported auctions sitting at 56.3%.

If there is no improvement in that rate as additional results are reported, it would mark Sydney’s worst weekly result of the year.

For the same week in 2014, Sydney recorded a clearance rate of 70.6% from 1,631 auctions.

North Sydney was the city’s busiest sub-region, returning a preliminary clearance rate of 62.8% from 132 reported auctions.

So far there has been a week-on-week improvement for Brisbane, with the city’s preliminary clearance rate currently sitting 50%, with 156 results reported from a total of 211 auctions.

The previous week saw Brisbane return a final clearance rate of 41% from 226 auctions, while for the corresponding week last year it returned a clearance rate of 37.8% from 394 auctions.

Adelaide looks to be in for a week-on-week decline, with its preliminary clearance rate sitting at 59.5% compared to last week’s final result of 64.4%.

It’s a similar story in Canberra, with the preliminary auction clearance rate of 58.6% currently sitting below last week’s final result of 61.8%.

Perth looks like it might register a slight weekly increase, with its preliminary clearance rate of 34.4% currently higher than the previous week’s final result of 31.3%.

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