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Auction clearance rates on the way up

By Grace Ormsby · July 16 2019
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Invest

Auction clearance rates on the way up

By Grace Ormsby
July 16 2019
Reading:
egg
egg
Auction

Auction clearance rates on the way up

author image
By Grace Ormsby · July 16 2019
Reading:
egg
egg
Auction

A weekend auction clearance rate of 69 per cent across all of Australia’s capital cities has highlighted auction success despite a lower level of property volume on offer for potential and prospective buyers.

According to data from CoreLogic, 854 homes were taken to auction across all capital cities over the weekend, returning the figure of 69 per cent.

The preliminary statistic comes after the previous weekend recorded “the highest final clearance rate since April last year” when 953 homes were taken to auction with a final clearance rate sitting at 64 per cent.

According to the CoreLogic figures, the final clearance rate has held above 60 per cent for the last four weeks, and the data company expects the coming week to be no different.

Over the same week last year, auction activity was reported as being higher, at 1,178 homes, but the increased volume returned a lower clearance rate of 52 per cent.

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Here's a capital city breakdown of CoreLogic's findings:

Sydney

The country’s largest city saw a preliminary 77.2 per cent clearance rate over the weekend, with 318 total auctions recorded.

Houses comprised 201 auctions with a 74.3 per cent clearance rate, while 117 units also went under the hammer, returning an 82.1 per cent clearance rate.

At the same time last year, Sydney had returned a clearance rate of 46.9 per cent.

Median house price: $1.15 million

Median unit price: $875,000

Melbourne

Melbourne saw slightly higher volume than Sydney, with 352 total auctions pushing through a 73.6 per cent clearance rate.

Houses made up 214 of the properties up for grabs, returning a 72.5 per cent clearance rate, while just over three quarters (75.5 per cent) of the 138 units up for auction were sold.

This time last year, Melbourne was returning a clearance rate of 56.2 per cent.

Median house price: $792,500

Median unit price: $680,000

Brisbane

Out of the 77 total auctions held over the weekend in Brisbane (70 houses and 7 units), only 30 per cent found buyers.

It makes the city’s clearance rate lower than the same weekend in 2018, when 70 properties returned a 37.9 per cent clearance rate.

Median house price: $720,000

Median unit price: n.a.

Adelaide

South Australia’s capital saw a 54.3 per cent clearance rate over the weekend, coming from a 58-strong pool of property (54 houses, 4 units).

It’s tracking similarly to this time last year, when 67 properties were up for auction, which returned a 55.6 per cent clearance rate.

Median house price: $645,000

Median unit price: n.a.

Perth

Just 10 houses and two units were on offer in Perth over the weekend, returning a 28.6 per cent sale success rate.

It paints a slightly different picture to 2018’s corresponding weekend, which saw 26 total auctions and a 43.5 per cent clearance rate.

Median house price: n.a.

Median unit price: n.a.

Canberra

The nation’s capital had a strong weekend with a total clearance rate of 71.4 per cent bolstered by more than four out of every five (81.8 per cent) houses that went under the hammer finding new owners.

Out of 36 total auctions, 28 of these were house dwellings.

Despite a lower volume of properties on offer compared to 2018, when 47 total auctions took place on the same weekend, 2018’s statistics had only highlighted a 65.9 per cent clearance rate.

Median house price: $665,000

Median unit price: n.a.

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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

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