Preliminary auction clearance results today from Domain show strong results again, though the preliminary result from Sydney last week stood at 83.1% compared with 80.2% this time around. Nationally clearance was 80.9% compared with 75.7% last week. This is higher than a year ago though on slightly smaller volumes. Melbourne stands at 82.4% compared with 76.1% last week on higher volumes.
The combined capital city preliminary clearance rate remained in the high 70 per cent range over the week, despite auction volumes reaching the highest level so far this year. There were 2,280 dwellings taken to auction this week, significantly increasing from 1,591 over the previous week, with 77.0 per cent of auctions reported as successful. The larger number of auctions was driven by a substantial rise across the Sydney and Melbourne markets, while the number of auctions held actually saw a decrease across the smaller capital cities over the week. The strongest clearance rates, based on preliminary data, were in Sydney and Canberra, where 83.5 per cent and 81.5 per cent of auctions returned a successful result. Melbourne also recorded a strong preliminary clearance rate, with 76.7 per cent of auctions clearing. The preliminary combined capital city clearance rate was higher this week than what was seen over the same period last year, however, the number of auctions held was lower, with 2,347 auctions held over the same week last year, returning a 71.8 per cent clearance rate.
The preliminary data from Domain shows that nationally auction clearances were 79.3% with 1,812 listed. Sydney cleared at 83.1% on 675 listed whilst Melbourne cleared 79% on 719 listed. All higher than last week and total volumes higher than a year ago – so no signs of slowing momentum so far.
It has been strong week for auction activity across the capital cities, with the number of auctions more than doubling compared with last week in Sydney and Melbourne. Despite the surge in the number of auctions held, the combined capitals region recorded a preliminary auction clearance rate of 76.6 per cent, up from last week, when the final clearance rate dipped to 68.7 per cent. Auction volumes saw a significant increase over the week, with volumes rising week-on-week across all of the capital cities, with the exception of Adelaide which saw a decrease over the week. There were 1,564 properties taken to auction across the combined capital cities this week, compared to last week’s 881. At the same time last year, auction volumes were lower, with 1,400 capital city auctions held with a lower rate of clearance (71.8 per cent). The two largest auctions markets, Sydney and Melbourne, recorded a preliminary clearance rate of 84.8 per cent and 75.4 per cent respectively, suggesting that vendors are still very much in the driver’s seat across these markets.
Today was a record heat-wave day down the east coast, and also a massive weekend for auction clearances according to the preliminary data from Domain.
Sydney achieved 84.2%, compared with 71.4% last week, and Melbourne hit 78.7% compared with 75.3% last week. Nationally, the clearance was 80.4%, compared with 68% last week, higher than a year ago also and a larger volume to boot!
Brisbane achieved 63% on 105 scheduled auctions, 79% in Adelaide on 73 listings, and Canberra reached 79% on 69 scheduled auctions.
The auction market will start to gather momentum coming into February after the seasonal slowdown over the holiday period, with auction numbers doubling over the week across the combined capital cities. There were 867 auctions being tracked by CoreLogic this week, with a preliminary clearance rate of 70.8 per cent, compared to last week’s 71.6 per cent across 368 auctions. Although auction activity has shown a significant uplift over the week across the combined capitals; auction volumes are increasing at a slower rate than what was seen over the corresponding period last year, when 916 auctions were recorded with a similar rate of clearance (70.1 per cent). The lower volumes can be attributed to slower activity across the Sydney market, which was also evident over the same week last year, when volumes were lower over the given period compared to previous years. While the combined capital city clearance rate returned a strong result over the week, as auction numbers continue to gather pace we will get a clearer understanding if auction trends remain as strong as they were at the end of 2016.
After the summer holidays, auctions are getting back into gear. The preliminary Domain results from today show that clearance rates remain elevated, though volumes are down on the weeks before Christmas.
Brisbane achieved 55% on 77 listings, Adelaide 58% on 91 auctions and Canberra 67% on 49 auctions.
The signs are that the property market momentum is being maintained.
CoreLogic confirms the auction clearance stats for the last weekend of the year, with combined capital city clearance rate remaining above 70 per cent, while auction volumes continue their seasonal taper.
Auction activity continued to ease this week after a surge in auctions over the past four weeks. 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, 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.
The preliminary auction results are in from Domain for the last weekend before the Christmas break. Compared with last year, momentum is still strong, especially in Sydney and Melbourne.
The latest data from CoreLogic confirms that the auction markets continued their strong run last weekend, with the number of auctions recorded at the second highest level this year and clearance rates remaining above 70 per cent for the 20th successive week.
Auction activity does not appear to be slowing through the festive period, with auction numbers reaching the highest level since March earlier this year. There were 3,411 auctions held over the past week, returning a preliminary clearance rate of 74.6 per cent, which is up from last week’s 72.3 per cent and substantially higher than the equivalent period last year (58.2 per cent). The combined capitals clearance rate has been tracking above 70 per cent consistently over the past 20 weeks, with the clearance rate higher than 75 per cent over eleven of the past twenty week’s. The last time the combined capital city clearance rate was tracking over 70 per cent over the given period was in 2009. Across Australia’s two largest markets in Sydney and Melbourne, clearance rates rose this week, with preliminary results showing 77.4 per cent and 80.2 per cent respectively.