Clearance rates stay high as year comes to an end

The combined capital city clearance rate fell slightly to 70.5 per cent, down from last week’s 71.6 per cent. The number of properties taken to auction this week also fell across the capital cities, with 2,722 reported auctions, down from 3,432 last week when the second busiest auction week this year was recorded.

However, CoreLogic is reporting that compared to the corresponding week last year, auction activity is significantly higher, with 1,818 auctions and a lower rate of clearance (59.4 per cent) reported over the same period last year.

Auction numbers will remain relatively sedate over the festive period, with CoreLogic resuming auction reporting in late January.

In Melbourne the number of homes taken to auction fell to 1,286, down from last week’s seasonal high of 1,685, with the preliminary clearance rate for the city also falling over the week to 75.7 per cent, down from 78.4 per cent over the previous week.

Across Melbourne’s sub-regions, the Inner South recorded the highest preliminary clearance rate with 84.4 per cent of the 113 auctions successful, followed by the Mornington Peninsula with an 82.5 per cent result across 52 auctions.

In Sydney there was a lower volume of auctions this week, with 874 held, down from 1,168 last week. The preliminary clearance rate was up slightly to 74.1 per cent, from 73.7 per cent. When compared to the same time last year, both the clearance rate and number of auctions held are significantly higher than the equivalent period, when a 61.2 per cent clearance rate was recorded across 456 auctions.

The northern beaches recorded the strongest clearance rate of all the Sydney sub-regions, with a 90.2 per cent preliminary rate of clearance across 64 auctions. The inner south west recorded the highest volume of auctions at 118.

In Brisbane there were 233 properties taken to auction this week, with a preliminary clearance rate of 45.7 per cent, up from 43.5 per cent last week. This is also higher than the same period last year, when 45.0 per cent of the 191 properties taken to auction were successful.

This week, Adelaide saw a preliminary clearance rate of 61.4 per cent across a total of 132 scheduled auctions. This is higher than the previous week, when the clearance rate was 58.3 per cent. It is also higher than the 57.3 per cent recorded a year ago.

Perth’s clearance rate of 30.0 per cent across 47 auctions is up from the previous week, when 76 auctions were held and a clearance rate of 20.0 per cent was recorded. Over the same week last year, the clearance rate was lower, with 25.8 per cent of the 68 auctions successful.

Canberra’s 65.5 per cent clearance rate is up on last week’s 60.8 per cent.

In Tasmania 21 auctions were held, with 4 results.