CoreLogic Property Market Indicator - clearance rates slip further

There were 2,685 homes taken to auction across the combined capital cities this week, compared to 1,819 over the previous week (ANZAC Day long weekend) and 2,902 this time last year. Of the 2,119 results collected so far, 67.2% were successful, overtaking the previous week as the lowest preliminary clearance rate recorded so far this year. The previous week returned a preliminary clearance rate of 67.6%, revising down to 63.4% at final figures. This time last year, the clearance rate was a higher 77.7% across the combined capital cities. 

In Melbourne, 1,285 homes were taken to auction this week, up from 689 over the previous week, although slightly less than this time last year (1,310). Of the 1,051 results collected so far, 68.4% have been successful, similar to the previous week’s preliminary clearance rate (68.3%), which revised down to 63.5% at final figures. Over the same week last year, 75.1% of auctions were successful. 

There were 907 auctions held across Sydney this week, compared to 715 over the previous week and 1,119 this time last year. The clearance rate slipped further week-on-week, with 62.3% of the 703 results collected so far reporting a successful result, after the previous week recorded a preliminary clearance rate of 64.5%, revising down to 59.5% at final figures. Sydney’s final clearance rate has held below 60% for the past two weeks and it’s likely to be the case again this week once the remaining results are collected. 

Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (80.2%), followed by Canberra (69.5%) and Brisbane (69.3%). In Perth, nine results have been collected so far, seven of which were successful. Brisbane was the busiest auction market this week with 178 homes taken to auction across the city, followed by Adelaide (156). Canberra was host to 142 auctions this week, while 16 auctions were held in Perth. There was just one auction held in Tasmania this week.