- Preliminary auction clearance rates inched higher last week despite significantly higher levels of stock being put up for sale.
- Adelaide recorded the strongest clearance rate nationally of the major markets.
- Sales rates fell in Melbourne but improved modestly in Sydney.
Australian clearance rates edged higher last week despite a steep lift in the number of properties being taken to market.
According to CoreLogic, a preliminary clearance rate of 67.5% was reported across Australia’s capital cities, fractionally above the preliminary reading of 67.3% recorded one week earlier.
It was also higher than the final 63.3% clearance rate reported for that week. However, it was still below the 74.1% level reported in the same corresponding week in 2017.
By type of property, clearance rates for units continued to outperform that of houses, coming in at 71% and 66.1% for the week.
The group said 3,097 properties went under the hammer, up from 1,764 a week earlier. It was also more than the 2,916 auctions held in the same week of 2017.
Of the 3,097 auctions held, CoreLogic received results from 2,467. Within that total, 1,671 resulted in a sale.
Final clearance rates for the week will likely be revised lower as tardy, often unsuccessful results, are reported to CoreLogic. Final figures will be released on Thursday.
Looking at the performance of Australia’s largest auction markets, Melbourne and Sydney, CoreLogic said preliminary results weakened in former but improved in the latter.
“In Melbourne, a preliminary auction clearance rate of 68.9% was recorded across 1,656 auctions this week, down from [a final clearance rate of] 70.8% across just 453 auctions a week earlier,” the group said.
The result was also well below the 72.2% preliminary result reported for that week.
Sydney, however, recorded a slightly stronger preliminary clearance rate than both the preliminary and final clearance rates reported a week earlier.
“Sydney was host to 1,055 auctions this week with preliminary results showing a 67.8% success rate, up from 62.2% across 974 auctions last week,” CoreLogic said.
The result was also higher than the 66.6% preliminary reading set one week prior.
Excluding Tasmania where all reported auctions resulted in a sale, Adelaide, at 69.7%, recorded the highest overall success rate across the country.
Preliminary clearance rates improved in Perth but fell in Brisbane and Canberra.
CoreLogic will release updated weekly price data for Australia’s five mainland state capitals later today.
In recent weeks, prices have been stabilising in all capitals except for Sydney where they have been trending lower since the final few months of 2017.
Business Insider Emails & Alerts
Site highlights each day to your inbox.