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.
Sydney cleared 71.4%, Melbourne 77.3% and Nationally 73.2%. Elsewhere Brisbane cleared 42% of 142 listings, Adelaide 75% of 75 listed and Canberra 70% of 62 listed.
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.
The preliminary auction clearance results from Domain continues the strong trends seen in recent weeks. Nationally, the clearance rate was 76.6% on 2,620 listed, with Melbourne achieving 80.7% on 1,372 and Sydney 76.2% on 908. All higher than last week, and higher than those listed a year ago, when 2,462 were scheduled and 58.9% cleared nationally.
Brisbane listed 139 and achieved 47%, Adelaide scheduled 109 and achieved 61% and Canberra listed 92 and achieved 61%. So clearly the momentum is strongest in the major markets of Sydney and Melbourne.
The preliminary auction results for today are out from Domain. Another strong set of results, with clearance rates at 76.1%, though on 2,382 listings compared with 2,640 last week.
Melbourne listed 1,173 and cleared 79.9% compared with 76.2% last week. Sydney listed 874 and cleared 75.8%, compared with 74.5% last week. Brisbane listed 148 and cleared 47%, Adelaide listed 106 and cleared 62% whilst Canberra scheduled 81 auctions and cleared 61%.
We expect momentum to sag as we approach the summer break, and with mortgage interest rates on the rise.
CoreLogic says last weekend’s auction markets continue their strong run of high clearance rates after the second busiest week for auctions so far this year.
Auction volumes increased with 3,367 properties taken to auction this week. This was the second highest number of reported auctions this year for the combined capital cities, up from 2,987 over the previous week. Despite the surge in auction numbers, market volume is still significantly lower than the corresponding week last year (3,729). The preliminary auction clearance rate, despite the increase in volume, remains strong (76.0 per cent), up from last week’s final of 74.4 per cent and also higher than equivalent week last year (60.1 per cent). Every capital city except Perth and Canberra are showing auction numbers to be lower than a year ago, while every capital has recorded a higher clearance rate compared with last year.
The latest provisional auction results from Domain for today show property is still being purchased at an amazing rate. Nationally, 76.4% cleared on a listing of 2,637, compared with 73.2% last week on 2,152, and 58.3% on 3,016 a year ago. At these rates, home prices will continue to climb.
Much of the action was in Sydney, with 78.8% of 961 cleared, and Melbourne where 77.5% of 1,366 cleared. Both higher than last week.
Brisbane had 119 listed and 56% cleared, Adelaide had 104 listed and 58% cleared, whilst Canberra has 87 listed and 68% cleared.
The latest results from Domain shows that provisional auction clearance rates remain strong. Sydney achieved 79.5%, Melbourne 78.7% and Nationally 76.8%. These are stronger than last week, though volumes are down a bit. This time last year, clearances nationally were 58.6%
Brisbane achieved 46% clearance on 152 listed, Adelaide 69% on 83 listed and Canberra 75% on 74 listed.