This week across the combined capital cities, the preliminary auction clearance rate rose to 71.7 per cent, up from last week when the final clearance rate fell to 67.5 per cent. There were 2,041 capital city auctions this week, virtually unchanged from last week’s 2,040 auctions as well as being higher than the 1,795 auctions held one year ago.
Volumes continue to track higher than what was seen over the corresponding July-August period last year. Across the two largest markets, Melbourne’s preliminary clearance rate rose this week (77.7 per cent), after last week’s final results saw a weakening in the rate of clearance, falling below 70 per cent for the first time since July 16 (69.8 per cent), while Sydney’s clearance rate also improved up to 70.8 per cent this week, however volumes were lower week-on-week in Sydney, while Melbourne held more auctions this week than last.
Domain has released the preliminary auction clearance results for today. Melbourne looks like it is leading the way at 78.3% clearance, ahead of Sydney. Still seems to be momentum in the main centres.
Across the combined capital cities this week, the number of homes taken to auction rose to 2,011, compared with 1,857 over the previous week. This was the largest number of auctions held since the last week of June 2017 and approximately one third higher compared with the same week a year ago.
The preliminary auction clearance rate of 70.5 per cent has increased relative to last week’s final clearance rate, up from 68.2 per cent. However as more results are collected it is expected that the final auction clearance rate will revised lower to remain within the high 60 per cent range where it has tracked since the first week of June.
Over the corresponding week last year, the clearance rate was 75.0 per cent and 1,471 auctions were held. In Sydney, the preliminary clearance rate rose to 72.0 per cent, which was higher than Melbourne’s preliminary clearance rate of 71.0 per cent. Afar Melbourne has remained the stronger performer for many weeks it is possible that Melbourne’s final clearance rate could drop below the 70 per cent mark for the first time since July last year.
The preliminary results from Domain are out, and, yes, we still have momentum so far as auction clearances are concerned. Sydney has a higher clearance rate at 73.7% compared with Melbourne, at 71.7, but more property continues to be sold in Melbourne. Most of the action remains in these two main centres.
Brisbane cleared just 41% of 78 scheduled auctions, Adelaide did a little better at 62% of 64 scheduled, and Canberra achieved a massive 91% clearance on 51 scheduled auctions. In fact, on several metrics the Canberra market could be said to be the most buoyant – helped by the Public Sector pay rises!
Things may change a bit a the results are finalised over the next few days. But seems to support our view that the market remains quite hot.
The first week of August saw fewer auctions held across the combined capital cities, with 1,846 held, down from the 1,987 auctions held the previous week, however higher than the 1,540 auctions one year ago. The preliminary auction clearance rose to 71.5 per cent, after the previous week saw the final auction clearance rate fall slightly to 68.7 per cent (revised lower from a preliminary clearance of 70.7%).
Over the last month, auction volumes have remained relatively steady and while clearance rates have shown a softening, final results have been consistently in the high 60 per cent range since the first week of June. Across the two larger auction markets, Melbourne continues to show resilience to softening conditions relative to Sydney, with Melbourne’s clearance rate sitting in the mid-high 70 per cent range for another week (75.7 per cent), while Sydney’s preliminary auction clearance rate increased over the week (71.5 per cent). Last week Sydney recorded its lowest rate of clearance so far this year (65.4 per cent).
The preliminary results from Domain are in, and they show a slowing of the volume of auctions on offer. Clearance rates though remain quite healthy. Melbourne at 73.7% leads the charge, with 420 sold. Significantly higher than Sydney. Nationally 738 were sold, compared with 946 last week and 789 last year.
Brisbane cleared 55% of 98 auctions, Adelaide 67% of 31 auctions and Canberra 67% of 52.
The combined capital city preliminary clearance rate was recorded at 70.7 per cent this week, up slightly from last week, when the final clearance rate was recorded at 69.9 per cent.
Auction clearance rates have seen a slight improvement across the combined capital cities over the month of July, with the final clearance rate over the last two weeks just falling short of the 70 per cent mark. Auction volumes were higher this week with 1,957 homes taken to auction across the combined capital cities, up from 1,748 last week, and higher than this time last year when 1,610 auctions were held. Perth and Tasmania were the only cities where auction volumes fell over the week.
There were 943 auctions held in Melbourne this week with a preliminary clearance rate of 77.2 per cent, increasing from a final clearance rate of 73.8 per cent last week across 833 auctions. Over the same week last year, Melbourne’s clearance rate was 75.3 per cent across 754 auctions. Of the 9 Melbourne sub-regions, 5 recorded clearance rates above 80.0 per cent, with the highest clearance recorded across the Mornington Peninsula, with preliminary results showing 87.2 per cent of the 39 results were successful, followed by the North West where 81.3 per cent of auctions cleared.
In Sydney, 704 properties were taken to auction this week with a preliminary clearance rate of 68.0 per cent. Last week, the final clearance rate for the city was 70.3 per cent across 625 auctions, after sitting below the 70 per cent mark for the previous 6 weeks, so it will be interesting to see what the final clearance rate is like on Thursday. One year ago, 509 Sydney homes were taken to auction and the clearance rate was 78.0 per cent. This week, the performance across Sydney’s individual sub regions was mixed. Across the South West region, where 47 of the 50 results have been reported so far, the preliminary clearance rate was 40.4 per cent, while across the Eastern suburbs (90.0 per cent) and Inner West (81.8 per cent) regions, the success rate of reported auctions was much higher.
The preliminary results from Domain tell the same story, slowing volumes, but quite firm clearance rates. Melbourne is leading the charge with 76.2% clearance on 578 auctions, higher than last year.
The combined capital city preliminary clearance rate increased to 74.8 per cent this week, up from a revised final clearance rate of 69.4 per cent last week, while auction volumes increased week-on-week. There were 1,712 properties taken to auction this week, up from 1,627 last week, and higher than this time last year, when 1,329 auctions were held and a clearance rate of 67.9 per cent was recorded.
Based on the preliminary collection, all but one of the capital cities saw the clearance rate increase week-on-week. Melbourne’s auction market has continued to show some resilience to softer auction conditions, recording the highest preliminary clearance rate at 79.4 per cent, although this is likely to revise lower when the final auction results are released on the following Thursday. While Melbourne’s clearance rate has remained comfortably above 70 per cent since July last year, final auction results show Sydney’s auction clearance rate has been tracking below 70 per cent over the past six weeks, so it will be interesting to see if the preliminary clearance of 74.9 per cent is again revised below the 70 per cent mark.
The preliminary results from Domain show a continuing trend, with slightly lighter volumes, but strong preliminary clearance rates. Melbourne continues to lead the main centres, in terms of volume, but Sydney has a higher clearance rate. Rates are higher than this time last year.