Clearance rates improve across lower auction volumes

The same time 12 months ago, CoreLogic tracked 1,108 capital city homes, returning a final auction clearance rate of 66.4 per cent, meaning a similar result year-on-year.

“There were 351 Melbourne homes scheduled for auction this week, lower than the 540 over the week prior,” CoreLogic said.

“The lower volumes saw Melbourne’s preliminary clearance rate improve with 59.8 per cent of auctions successful as fewer withdrawn auctions were recorded this week lifting the success rate. 

“Of the 296 results collected so far, 86 were withdrawn results which [are] quite a bit lower than last week’s 217 withdrawn results, equating to a 29 per cent and 40 per cent withdrawal rate respectively. Of the sold results collected just under 50 per cent reportedly sold prior to the scheduled auction date. 

“One year ago, 500 Melbourne homes were auctioned returning a final clearance rate of 70.9 per cent.”

Looking at Sydney, CoreLogic found 578 homes were taken to auction across the [Harbour City], returning a preliminary auction clearance rate of 68.2 per cent. This marked an improvement on last week’s final clearance rate of 60.6 per cent across a “slightly higher” 594 auctions. 

“Over the same week last year, Sydney volumes were a lower 386 with a success rate of 72 per cent,” CoreLogic said, adding that across the smaller cities, Adelaide and Canberra “came in with equal highest clearance rate over the week with 80 per cent of homes selling at auction”.