Sydney drives down capital city clearance rates
The final auction clearance rate last week fell to 64.9% from the previous week’s 67.4%; lower than last year’s 68.1%.
The decrease in capital auction clearance rates can be associated with Sydney’s weaker performance last week, being the second largest capital city auction market, according to data gathered by CoreLogic RP Data.
Melbourne was at its busiest for the year the previous week, with 1,690 auctions held. With the Melbourne Cup next Tuesday, however, auction activity in the city for the weekend is anticipated to quiet down; only 621 have been scheduled on the week of the Cup.
Incidentally, Melbourne was the strongest performing capital city last week, with 69.7% of its auctions reported as successes. CoreLogic estimated that in the previous week, about 1,150 auctions were attributed to Melbourne alone.
Sydney posted 1,024 auctions with a clearance rate of 61.3%, which was far weaker than its previous performance earlier this year—a 22-consecutive-weeks streak of 80% or above. Despite the lower values, there were 1,450 homes in the city scheduled for auction this week, higher than last year’s 1,259 and the highest number of weekly auctions seen since the final week of this year’s March.
Adelaide had 155 auctions slated for this week, higher than 103 the previous week. Canberra arranged 131 for this week versus the previous 58. Perth has 49 for the week, compared to its showing last week at 33.
Of the various capital cities, it was Brisbane where auction volumes went down for this week. Previously at 223, this week’s auctions fell to 197, which was the busiest week for auctions across the city to date. Although there was increased activity, Brisbane’s final auction clearance rate the previous week revealed that only 48.8% resulted in a transaction.
Melbourne’s lower volumes this week diversified the list of the busiest individual suburbs for auctions. Formerly, the list was dominated by Melbourne suburbs.
- 20 auctions in Reservoir (Vic)
- 18 auctions in Bellevue Hill (NSW)
- 16 auctions in Paddington (NSW)
- 15 auctions in Coogee (NSW), Killara (NSW) and St Ives (NSW)
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