Clearance Rates

<html><body>
Units had a strong auction weekend with a 75% national success rate after the auction of 684 units.

The prior week's clearance rate sat at 77% after the auction of 578 units.

Sydney was the best of the major capital city markets for apartment auctions, according to CoreLogic.

Sydney vendors secured an 82% success rate from 319 listings. Houses in Sydney performed even better with 90% of the 729 houses finding buyers.

Melbourne was the busiest capital for unit offerings with CoreLogic putting the auction tally at 330. 

There was a 73% success rate, as against the 989 houses which recorded an 80% clearance rate.

[smartcode_project:default project_id=29912]

Some 75% of Perth's 21 apartment listings were sold.

Brisbane saw 38% of its 18 listings find buyers.

Sydney saw a Bondi Beach penthouse sell for $20.1 million at weekend auction, becoming the most expensive apartment ever sold at auction in Australia.

Melbourne's top apartment sale was $2.36 million for the four bedroom townhouse (above) at 2/17 Olinda Street, Caulfield South through Gary Peer &amp; Associates.

Melbourne had the nation's cheapest apartment sale which was secured before its scheduled auction when $255,000 was paid for a two-bedroom Harkness offering.

[smartcode_project:default project_id=29910]

The 2010-built ground floor unit in the Parkside Apartments complex at 1/9 Petrea Place was offered through Russell Parker at First National Melton.

It came with a $250,000 to $260,000 price guide having last sold at $215,000 in 2011. 

The 80sq m ground floor space first sold off the plan in 2009 at $215,000.

Its last advertised rental asking price, according to CoreLogic, was $240 in late 2019.
</body></html>

Units had another strong auction weekend with a 75% national success rate after the auction of 684 units, up from the prior week's 578 units

jchancellor

75% of weekend apartment offerings find buyers

<html><body>
Reporting all residential property transactions within 24 hours of contracts being exchanged to a central body is just one recommendation Curtis Associates has made in their submission to the inquiry into Home Ownership.
Curtis Associates believes exchanging contacts of buyer and seller, agreed price, improvements made to the property and its cost would help create a fairer housing market in Sydney.
Curtis Associates said that there is an obsession with the drama of auctions and their clearance rates as well a, an obsession with median prices as a measure of market performance. 
"Agents are presently free to choose what data to report, when to report it and more important, what data not to report - especially if it conveys a downbeat impression of the property market.  
"Prices paid at auction are usually higher than those negotiated in a cooler private treaty environment; the latter of which account for about 75% of all transactions per week.  
"The auction results published by APM each Saturday night/Sunday morning exclude mid week auctions and thus account for less than that 25% of all such transactions."  
"It is submitted that comparing movements in raw median prices is like comparing apples with oranges. 
"Acceptance of the practice of keeping some sales prices confidential; the most absurd illustration of which being sellers who assert confidentiality over a price paid at a public auction. 
"For someone attending such an auction, that price is not only freely available, it is often a source of entertainment culminating in applause. For someone later researching the same price remotely, the result is a silent 'Price Withheld'." 
"In the equities market, such discriminatory withholding of information would almost certainly be unlawful." 
</body></html>

jchancellor-FAypfDUnLy

Reporting property transactions to a central body necessary: Curtis Associates

<html><body>
Rising auction bidder numbers are underpinning the stronger clearance rates we've witnessed this year in most regions across Sydney. 
This emerging trend, if maintained, will soon lead to higher than expected price growth.
The average number of registered bidders sat at four at February auctions, according to the comprehensive data kept by auctioneer Damien Cooley at Cooley Auctions.
It was up on the three during December, but still below the five in February last year.
Sydney's 2016 weekend clearance rates have mostly sat above 70 percent, compared to the low 50s of late last year, and the 80 percent record levels this time last year.
The big test comes today with the traditional pre-Easter Super Saturday bumper auction offerings.
But what has been noticeable in recent weeks have been the anecdotal reports from auctions showing higher bidders numbers.
An original condition 1940s Curl Curl fibro cottage sold at $1.933 million with 11 registered bidders, young families versus owner builders.
After the strong $1.7 million opening bid for 40 Bennett Street, there were five active bidders for the property last sold for £3,500 in 1953.
It was downsizers who completed at Cremorne Point for a three-bedroom triplex garden apartment that fetched $4,065,000. The recent McGrath auction saw 10 parties raise their bidding cards after the $3.1 million opening bid. There had been a $3 million to $3.3 million auction price guide.
A strong auction result at 7 Doris Avenue, Earlwood came after 25 registered bidders turned up at its recent auction. Just four took part before it was knocked down at $1,340,000 to locals who plan to renovate. Auctioneers Rocky Bartolotto, from Auction Services, took a $950,000 opening bid on the three bedroom brick home sitting on a 417 sqm block size.
Not all regions are experiencing the same trend, according to CoreLogic RP Data, highlighting the right method of sale is a extremely important decision. 
Sydney’s strongest performing sub-regions currently stand at Ryde, with 86 percent selling, the Eastern Suburbs at 84 percent and the Inner West at 78.6 per cent. The three weakest regions have been Blacktown, Parramatta and the Hawkesbury for auctions.
But the momentum in some suburbs will catch some agents are giving ridicously low price guidance to buyers. Right at the time when NSW Fair Trading is holding a rigorous underquoting audit with inspectors currently looking at published advertisements and the estimated selling prices contained within agency agreements.  
More importantly they are also reviewing and considering the comparative sale price evidence utilised in developing their estimated selling price.
This means agents must be wise to all the recent sale prices in their patch. 
The early 2016 market rebound has meant underquoting has returned as an issue as in the first seven weeks since the laws were introduced, Fair Trading received 68 complaints. 
"Complaints are from named individuals, anonymous complainants and other real estate agents," a department spokesperson said.
This article was first published in the Saturday Daily Telegraph.
</body></html>

Bidding numbers at auction suggest surprise price growth for some suburbs

<html><body>
GUEST OBSERVER
I am sure you have all read this week how the investment bankers and economists are predicting property will fall dramatically early in 2016. 
The Sydney Morning Herald reported Macquarie was looking at a 7.5% reduction from “peak to trough”. The Australian reports, Macquarie said in a note “Credit growth, auction clearance rates, house prices, settlement volumes and the dollar value of settlements are also showing signs of slowing, albeit from lofty levels”.  Credit Suisse goes a step further warning that property investment in Australia is “riskier than the equity market”, particularly in NSW. 
During Spring in times of property upswings we quite often read such predictions as with greater volume of stock (in Spring) buyers have more choice and as a consequence auction clearance rates dip a little. This is happening at the moment and the pundits mistakenly think this is the start of a property price downturn.
We all are aware the market has been in almost boom conditions for a couple of years and the rate of growth we have experienced during that time is not sustainable in the long-term, but I can see nothing to indicate a fall in prices.  A plateau perhaps….which would be a good thing. Maybe even call it a breather!
An example of what I mean was last night’s auction sale of 103 Paddington Street, Paddington which sold for $2,000,000, considerably above reserve and a price which delighted the owners.  During the final week of the campaign three potential buyers who had shown interest in this terrace bought something else…see what I mean…greater choice from more properties on the market. 
Why do I feel this way?
Experience tells me the key drivers of property are interest rates (affordability) and confidence. The ANZ-Roy Morgan Consumer Confidence Rating indicates confidence is higher in October than it was during Winter...another pointer to a healthy property market. The US Equity Market is on the up and so is Europe.  Building costs in Australia remain high and moving higher…this filters down to replacement cost and the basic value of home improvements.
I am looking forward to the rest of the Spring and with confidence to 2016….so should you!
 
Bob Guth is director and auctioneer, Bradfield Cleary and can be contacted <a href="https://bradfieldcleary.com.au/home" target="_blank">here</a>.
<h1> </h1>
</body></html>

Investment banks get it totally wrong: Bob Guth

<html><body>
A preliminary auction clearance rate of 71.3% was recorded across the combined capital cities this week, having increased from 69.9% last week, the lowest clearance rate since the end of March. 
Auction volumes were high, with a total of 2,820 auctions held over the week, up from 2,565 over the previous week. In comparison, at the same time last year, auction volumes were lower due to the AFL Grand Final in Melbourne; meaning only 1,369 auctions took place across the combined capital cities.
<a href="/images/2015/09/28/20150928-capital-city.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/28/20150928-capital-city.jpg" alt="" width="692" height="523">
The preliminary auction clearance rate across Melbourne was 73.3% this week, down from the previous week’s final result of 73.7%, making this week the fourth lowest clearance rate for the year. This week, Melbourne was host to 1,197 auctions, higher than the 1,127 held last week and significantly higher than a year ago when there were only 112 Melbourne auctions held over the week. Across Melbourne’s individual sub-regions, the strongest preliminary clearance rate this week was across the Outer East region at 81.8%, followed by the Inner South region where the preliminary clearance rate was 80%.
<a href="/images/2015/09/28/20150928-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/28/20150928-Melbourne.jpg" alt="" width="674" height="448">
 
There were 1,193 Sydney homes taken to auction this week and a preliminary clearance rate of 74.2% across 974 results. Over the previous week, Sydney recorded the lowest final auction clearance rate for the year (70.7%) and 1,041 auctions were held across the city. At the same time last year, 76.9% of the 933 homes taken to auction recorded a successful result. This week, the strongest sub-region for clearance rates across Sydney was the Eastern Suburbs, with 89.8% of the reported results clearing at auction.
<a href="/images/2015/09/28/20150928-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/28/20150928-Sydney.jpg" alt="" width="653" height="439">
 
Brisbane’s preliminary clearance rate was 58.9%this week, compared to 50% last week and 48.9%at the same time last year. Across Brisbane, a total of 199 auctions were held this week which is higher than both last week (143) and last year (179). Across the Gold Coast, 54.3% of the reported auctions have sold.
<a href="/images/2015/09/28/20150928-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/28/20150928-Brisbane.jpg" alt="" width="794" height="532">
 
Adelaide hosted 127 auctions this week and across the 80 reported results, CoreLogic RP Data’s preliminary auction clearance rate is 68.8%. Last week, Adelaide’s clearance rate was 71.4% across the 99 auctions held, while at the same time last year 65.6% of the 73 homes taken to auction were sold.
<a href="/images/2015/09/28/20150928-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/28/20150928-Adelaide.jpg" alt="" width="651" height="440">
 
For Perth, the number of homes taken to auction this week was 25, less than last week (31) and higher than last year (6). Meanwhile, Perth’s clearance rate of 36.4% this week was lower than last week (38.5%) and higher than last year (33.3%).
Across Canberra 58 homes were taken to auction this week and the preliminary clearance rate across 36 reported auctions was 50%.
There were 21 auctions across Tasmania this week, with 3 successful results out of the 18 reported.
</body></html>

smiller-vwPjRHTkST

Preliminary clearance rate bouncing back above 70%: CoreLogic RP Data's Shana Miller

<html><body>
So far this week, 1,494 capital city auction results have been reported to CoreLogic RP Data, resulting in a preliminary auction clearance rate of 75.7% across the combined capital cities. 
There were a total of 1,862 capital city auctions held this week. This week’s result indicates that clearance rates are still tracking higher than they were one year ago, when the final auction clearance rate over the week was 68.9 per cent across 1,473 auctions.
<a href="/images/2015/08/03/20150803-Capital-City.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/03/20150803-Capital-City.jpg" alt="" width="787" height="588">
 
Across Melbourne, this week’s preliminary clearance rate was recorded at 78.6 per cent, up from a recent low of 75.7 per cent last week and remaining well above the clearance rate for the city one year ago (69.0 per cent). This week, Melbourne was host to 760 auctions, significantly lower than the 918 held last week, but higher than a year ago when there were 636 Melbourne auctions held over the week. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rates, was the Outer West. So far, CoreLogic RP Data has collected 48 results for the region and the preliminary results shows 93.8 per cent of these auctions were successful.
<a href="/images/2015/08/03/20150803-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/03/20150803-Melbourne.jpg" alt="" width="728" height="491">
 
Sydney’s preliminary auction clearance rate was 78.8 per cent this week, the fourth week in a row where Sydney has recorded a result below 80 per cent. Last week, Sydney’s clearance rate was 79.9 per cent, while one year ago results show that 76.7 per cent of Sydney homes taken to auction were successful, showing the gap between this year’s clearance rate and last year’s clearance rate is starting to close. In terms of the number of auctions across the city, this week volumes were lower, down to 816 from 906 last week. One year ago just 588 Sydney homes were taken to auction over the week. The Blacktown sub-region of Sydney has shown the strongest performance so far this week, with 94.4 per cent of the 18 reported results selling, with 2 remaining results yet to be collected.
<a href="/images/2015/08/03/20150803-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/03/20150803-Sydney.jpg" alt="" width="759" height="518">
 
There were 140 Brisbane homes taken to auction this week, with 94 results reported so far. The preliminary clearance rate for the city is 60.6 per cent, up from 54.0 per cent last week and higher than one year ago, when just 36.7 per cent of the 96 properties taken to auction were successful. Across the Gold Coast 44 results have been reported so far, with a success rate of 47.7 per cent (21 sales).
<a href="/images/2015/08/03/20150803-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/03/20150803-Brisbane.jpg" alt="" width="836" height="561">
This week, Adelaide saw a preliminary clearance rate of 71.9 per cent, with 57 reported results across a total of 75 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 58.9 per cent and 61.0 per cent one year ago.
<a href="/images/2015/08/03/20150803-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/03/20150803-Adelaide.jpg" alt="" width="823" height="564">
There were 23 Perth auctions this week, with a preliminary clearance rate of 43.8 per cent. Last week, Perth recorded its strongest auction clearance rate for July, at 52.6 per cent.
Across Canberra a total of 40 auctions were held this week, compared to 49 last week and 28 at the same time last year. Canberra’s preliminary clearance rate of 79.2 per cent is higher than it was the previous week (68.8 per cent).
Of the 6 Tasmanian auction results reported so far this week, 2 sales have been recorded.
 
</body></html>

Sydney’s clearance rate below 80%: CoreLogic RP Data's Shana Miller

<html><body>
The number of auctions across Australia’s capital cities slipped lower over the first week of Spring, with 2,272 auctions held (down from a recent high of 2,654 the previous week), however auction numbers remained well above the same week a year ago when there were 1,897 auctions held. 
 The preliminary clearance rate of 74.9 per cent was higher than the previous week’s result of 73.4 per cent and similar to last year, when the final result across the combined capital cities was 74.1 per cent.
<a href="/images/2015/09/07/20150907-Capital-city.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/07/20150907-Capital-city.jpg" alt="" width="716" height="538">
 
In Melbourne, a preliminary auction clearance rate of 76.2 per cent was recorded across 998 auctions this week. Last week, Melbourne’s final clearance rate was slightly higher at 76.7 per cent across 1,188 auctions. One year ago, there were 872 Melbourne auctions held with 76.7 per cent of the results reported as successful. Of the 9 individual Melbourne sub-regions, this week the strongest performer, in terms of clearance rate, was Melbourne’s Outer East. So far, CoreLogic RP Data has collected 80 results for the region and the preliminary result shows 91.3 per cent of these auctions were successful.
<a href="/images/2015/09/07/20150907-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/07/20150907-Melbourne.jpg" alt="" width="799" height="536">
 
Across Sydney, this week’s preliminary clearance rate was recorded at 78 per cent, up from a recent low of 75.1 per cent last week, the lowest clearance rate the city has seen all year, and below the clearance rate for the city one year ago (80.1 per cent). This week, Sydney was host to almost as many auctions as Melbourne (995), but less than the 1,106 held last week, and higher than a year ago when there were only 705 Sydney auctions held over the week. North Sydney and Hornsby was the busiest sub-region of Sydney this week for auctions, with 154 homes taken under the hammer. Based on preliminary results, the region recorded a healthy 83.6 per cent clearance rate, with only two other sub-regions recording a higher result; Inner West (88.6 per cent) and Eastern Suburbs (84 per cent).
Click to enlarge
<img src="/images/2015/09/07/20150907-Sydney.jpg" alt="" width="739" height="494">
 
There were 129 Brisbane homes taken to auction this week, with 83 results reported so far. The preliminary clearance rate for the city is 50.6 per cent, down from 54.2 per cent last week and higher than one year ago, when 44.7 per cent of the 128 properties taken to auction were successful. Across the Gold Coast 25 results have been reported so far, with a success rate of 64 per cent (16 sales).
<a href="/images/2015/09/07/20150907-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/07/20150907-Brisbane.jpg" alt="" width="724" height="485">
 
This week, Adelaide saw a preliminary clearance rate of 74 per cent, with 50 reported results across a total of 66 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 58.1 per cent and 68.8 per cent one year ago.
<a href="/images/2015/09/07/20150907-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/07/20150907-Adelaide.jpg" alt="" width="721" height="489">
 
In Perth, auction volumes fell to 26 this week, from 34 last week. So far, only 7 auctions have been reported to CoreLogic RP Data, with 5 of these reported as successful. Last week, the final auction clearance rate for Perth was 45.2 per cent across the 34 auctions.
Across Canberra a total of 51 auctions were held this week, compared to 47 last week and 69 at the same time last year. Canberra’s preliminary clearance rate of 65.4 per cent is lower than it was the previous week (69.8 per cent).
Tasmania had 7 auctions take place this week, 2 results have been reported so far, with no sales.
</body></html>

Auction clearance rates move higher on lower volumes: CoreLogic RP Data's Shana Miller

<html><body>
If some people think a declining clearance rate is a solid key performance indicator for our real estate markets they are badly mistaken as research identifies that the markets remain 60 per cent private treaty and 40% public auction.
Clearance rates are in my opinion more a mood indicator as to consumer confidence levels and not much more, although some commentators would have you believing they are the be all and end all.
If we are to better understand the intricate machinations of what is happening in our demographic markets I would like to see the property portals thinking in greater detail. For example, when a property appears on the market there should be two colour codes one for owner occupier sales and the other for investor sales. These are two entirely different market demographics although they today are bundled together despite being two totally different markets.
As I mentioned last week there will be a number of markets to watch in 2016 plus of course tax reform which is now looking much more likely with the changing of prime minister and new ministers running new portfolios. That too means new dialogue where it was quite interesting to listen to Treasurer Scott Morrison who said “the deficit reflects a spending problem, not a revenue problem”. The previous Treasurer Joe Hockey kept telling us Australia has a revenue problem not a spending problem.
You can rule out any changes to negative gearing by Messrs. Turnbull and Morrison whom will be watching what happens with the investor market, especially should the off – the – plan market have a run of defaults which is highly likely. Already the banks are starting to aggressively pull back lending for new construction projects in Sydney and Melbourne as they see some difficult times ahead with sales completions for overseas investors.
This week the Baird Government announced that 35,000 new homes would be made available in Western Sydney which would be expected to sell very quickly to owner occupiers so these developments won’t have any trouble attaining finance from the banks as this is an entirely different market demographic. Sydney urgently needs to address the owner occupier markets and housing affordability although for those watching these markets it’s getting more difficult to understand.
The Australian Bureau of Statistics (ABS) announced this week that Sydney house prices have jumped by 21.5 per cent over the past year. The Sydney House Price Index (HPI) rose 9.8 per cent over the June quarter which just so happens to be the largest single increase since the ABS commenced the series back in 2002. Just imagine the clarity if the ABS could differentiate these increases between owner occupiers and investors when we know that the investors were the ones really driving these gains.
This is further explained by why the banks are cutting back lending on the new residential markets as many believe a large percentage of the foreign buyers who jumped all over the new releases in Sydney and Melbourne are having a change of heart. Such observations then allow intelligent commentaries where investment bank Morgan Stanley declared this week that the housing boom had peaked. What we are seeing at the moment is much tighter lending rules, a very strong likelihood that Sydney now has an oversupply of new apartments and migration rates are slowing.
When this happens we can expect to see the apartment sales slowing considerably and prices starting to significantly ease which is long overdue. The difference that must be noted is this time around prices may ease naturally as against crashing where today we need to remember we are looking at an entirely different market specific.
If the overseas investors withdraw from the new developments then the prices only in those individual developments would be affected. Although we then find ourselves back at mood indicators where consumer confidence would decline significantly which then flows onto property prices.
Having said that the overseas investors have been clearly the most dominant with the off – the – plan sales so there are still a very large number of local investors waiting to absorb whatever re – sales come onto the market. What we don’t know is how sympathetic they will be to the developers pricing where the previous sale price won’t be that relevant. The developers have already pocketed the 10 per cent deposit although depending on the number of defaults the new pricing could be down by 20 per cent plus given the hype is not there anymore.
There are two topics that will be intriguing in 2016 – coincidentally they both start with the letter “p”;  property and of course politics.
<h5>MOSMAN – 2088</h5>
• Number of houses on the market this time last year – 60
• Number of houses on the market last week – 52
• Number of houses on the market this week – 51
• Number of apartments on the market this time last year – 41
• Number of apartments on the market last week – 51
• Number of apartments on the market this week – 52
<h5>CREMORNE – 2090</h5>
• Number of houses on the market this time last year –9
• Number of houses on the market last week – 7
• Number of houses on the market this week – 5
• Number of apartments on the market this time last year – 18
• Number of apartments on the market last week – 22
• Number of apartments on the market this week – 21
<h5>NEUTRAL BAY – 2089</h5>
• Number of houses on the market this time last year – 6
• Number of houses on the market last week – 3
•Number of houses on the market this week – 7
• Number of apartments on the market this time last year– 35
• Number of apartments on the market last week – 29
• Number of apartments on the market this week – 28
 
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000. 
</body></html>

robertsimeon-hRNTwJyXkQ

Property markets brace for hysteria and usual faux pas: Robert Simeon

<html><body>
Given it was such a quiet week for auctions last week, it was unsurprising to see volumes increase substantially this week, with 2,903 held across the combined capital cities.
 The preliminary clearance rate was 72.0% this week across a total of 2,178 reported auction results, up from a final clearance rate of 68.2% last week across just 865 auctions. At the same time last year, 67.8% of auctions cleared and a total of 2,408 capital city auctions were held.
<a href="/images/2015/10/12/20151012-Capital-city.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/12/20151012-Capital-city.jpg" alt="" width="758" height="574">
 
Melbourne was the strongest performer this week, with 74.1% of reported auctions recording a successful result. There were 1,358 Melbourne auctions scheduled, with 1,169 results reported so far. Last week, Melbourne’s final auction clearance rate was 73.1%, while one year ago it was 70%. The busiest sub-region across Melbourne for auctions this week was the Inner region, with 259 held. So far 228 results have been reported with a preliminary clearance of 75.8%. In terms of clearance rate, the top performer this week was the South East at 79.1% (148 auction results).
<a href="/images/2015/10/12/20151012-Melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/12/20151012-Melbourne.jpg" alt="" width="819" height="553">
 
Sydney hosted 1,141 auctions this week and preliminary results show that 72.8% cleared. Last week, Sydney’s clearance rate just dipped below the 70% mark, at 69.9% when auction volumes were lower (583). Relative to last year, this week’s result is stronger, given last year 918 auctions were held and the clearance rate was 71.9%. This week, 3 Sydney regions were significantly stronger than others, with Northern Beaches (88%), Eastern Suburbs (85.5%), and City and Inner South (81.9%) the top performers. On the other end of the scale, Central Coast’s clearance rate was 41.7%.
<a href="/images/2015/10/12/20151012-Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/12/20151012-Sydney.jpg" alt="" width="823" height="555">
 
Across Brisbane 178 auctions were held this week, up from 113 last week and 167 one year ago. Preliminary results show that Brisbane’s clearance rate increased slightly, from 59.1% last week to 59.4 per cent this week. In comparison to last year, current activity is stronger (48.8%). Further south, 71 of the 100 Gold Coast auction results have been reported and the clearance rate so far is 50.7%.
<a href="/images/2015/10/12/20151012-Brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/12/20151012-Brisbane.jpg" alt="" width="787" height="522">
 
In Adelaide auction activity also picked up this week, 124 auctions were held compared to just 33 over the previous week. Adelaide’s preliminary clearance rate of 74.0% is higher than last week (67.7%) and also higher than it was over the same week last year (55.8%).
<a href="/images/2015/10/12/20151012-Adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/12/20151012-Adelaide.jpg" alt="" width="814" height="554">
 
There were 31 Perth auctions this week, compared to 10 last week and 25 one year ago. Perth’s preliminary clearance rate is 41.2%, compared to 44.4% last week and 52.6% one year ago.
Canberra’s clearance rate was 63.6 per cent this week across 64 auctions. Last week the city saw 63.2% of auction sell, while one year ago the clearance rate was significantly lower at 52.6%.
2 Tasmanian auctions have been reported to CoreLogic RP Data this week and preliminary results show only 1 sold.
</body></html>

Capital cities return strong clearance rate: CoreLogic RP Data's Shana Miller

<html><body>
Last week, 3,226 properties were taken to auction which was the highest number of auctions this spring and up from 2,947 auctions the previous week.
Although auction volumes rose, so too did the preliminary auction clearance rate which was recorded at 63.8%, up from 61.4% over the previous week.  
The higher auction clearance rate was largely due to a large volume of auctions in Melbourne over the week and a slightly higher auction clearance rate as well as a moderate lift in clearance rates in Sydney.  At the same time last year, there were a higher number of auctions over the week (3,360) as well as a higher auction clearance rate (68.5%).
<a href="/images/2015/12/cap-cities.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/cap-cities.jpg" alt="">
 
Melbourne auction volumes rose sharply over the week with 1,548 properties auctioned last week up from 1,204 over the previous week. So far, we have captured results for 1,362 of these auctions.  The preliminary auction clearance rate was slightly higher last week (69.5%) compared to the previous week (69.0%) however, it was the fourth successive week that the Melbourne market recorded clearance rates below 70%.  Over the same week in 2014, Melbourne had a lower auction clearance rate of 68.9% across a lower 1,504 auctions.  Across the individual regions of the city; Inner (70.1%), Inner South (70.7%), Outer East (70.9%) and West (75.2%) were the only regions to record clearance rates above 70%.  The Mornington Peninsula with a clearance rate of 64.8% had the lowest clearance rate across the city.
<a href="/images/2015/11/16/melbourne.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/16/melbourne.jpg" alt="">
 
The preliminary auction clearance rate for Sydney was recorded at 61.0% last week across 1,200 auctions, of which we currently have results for 880 auctions.  The preliminary clearance rate has rebounded from a final clearance rate of 58.4% the previous week from a slightly higher 1,248 auctions.  Sydney auction clearance rates are now below 70% for seven consecutive weeks.  Over the same week a year ago, Sydney had a much higher auction clearance rate of 73.1% across a higher 1,417 auctions.  The only regions of the city to record a clearance rate above 70% were: City and Inner South (73.3%), Eastern Suburbs (76.6%) and North Sydney and Hornsby (71.1%).  At the same time, Central Coast (34.8%) and South West (34.2%) each had clearance rates below 40% over the week.
<a href="/images/2015/11/16/Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/16/Sydney.jpg" alt="">
 
There were 198 Brisbane properties taken to auction last week, of which we have results for 122 auctions. The preliminary data indicates that 45.9% of these auctions were successful.  Over the previous week, both the number of auctions (168) and the clearance rate (37.7%) was lower.  At the same time last year there were fewer properties taken to auction (142) however, the clearance rate was at a similar level (45.8%).  Gold Coast had a preliminary auction clearance rate of 48.0% with results capturing for 50 of the 80 total auctions.
<a href="/images/2015/11/16/brisbane.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/16/brisbane.jpg" alt="">
 
Adelaide recorded a preliminary auction clearance rate of 49.4% last week which was lower than the 58.1% clearance rate over the previous week.  The clearance rate was calculated from 81 results across 119 total auctions which is lower than the 146 total auctions for the previous week.  At the same time last year there were 152 auctions with a clearance rate of 55.4%.
<a href="/images/2015/11/16/adelaide.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/16/adelaide.jpg" alt="">
 
In Perth there were 38 auctions last week with 18 results so far.  The preliminary clearance rate was recorded at 50.0%, up from 16.2% the previous week.  The preliminary clearance rate is slightly higher than the 45.5% at the same time last year across 57 auctions.
Canberra’s preliminary auction clearance rate last week was 66.1% which was down from 76.6% over the previous week. The city had 100 auctions this week with 62 results so far which is a lower number of total auctions compared to the 122 the previous week.
Of the 10 Tasmanian auction results reported so far this week, 6 sales have been recorded.
 
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.
</body></html>

Clearance Rates

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Clearance Rates

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News