Slight clearance rate dip on fourth busiest auction week of 2016

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Australia’s national auction clearance rate looks to have moderated slightly last week as the market had one of its busiest weeks for the year.

Early figures from CoreLogic RP Data put the preliminary national clearance rate at 68% for last week, down slightly from the previous week’s final result of 68.9%.

Last week saw 2,419 auctions held across Australia’s capital cities, making it the fourth busiest week for 2016.

The corresponding week in 2015 saw 2,792 auctions held, with the national clearance rate being recorded at 78.5%.

Sydney was home to the strongest clearance rate last week, with the harbour city’s preliminary rate currently sitting at 75% after it held 773 auctions.

The previous week saw Sydney’s clearance rate finalise 73.2%.

The Eastern Suburbs was the best performing Sydney sub-region last week, with its preliminary clearance rate at 91.9%, followed by North Sydney and Hornsby at 83.3%.

Melbourne was the busiest market last week holding 1,157 auctions, with its preliminary clearance rate coming in at 70.8%,

So far that is relatively steady compared to the previous week’s final result of 70.8%.

Melbourne’s top performing sub-region for the week was the Outer East with a preliminary clearance rate of 78.3%.

Preliminary results in Brisbane show a clearance rate of 40.2% across the city last week, compared to 50.9% last week and 48.0% at the same time last year.

Last week saw the Queensland capital hold 190 auctions last week, up from the 131 it held the week prior.

Last week saw Adelaide hold 122 auctions and return a preliminary clearance rate of 52.6%.

That figure is down from the final clearance rate of 68.8% from 92 auctions recorded in Adelaide a fortnight ago.

Canberra held 107 auctions last week, which was the city’s busiest week since mid-March and the third straight week Canberra has held more than 100 auctions.

Preliminary results show 64.4% of Canberra auctions were successful, down from 67.2% the week prior.

Perth’s preliminary clearance rate currently sits at 50%.

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