Auction clearance rates slip

After recording the strongest result since June 2015 in the last week of February, the preliminary auction clearance rate across the combined capital cities eased back in the week ending 5 March.

According to the CoreLogic Property Market Indicator summary, the clearance rate across the combined capital cities fell back last week, from 78.4 per cent to 77.8 per cent, based on preliminary results.

Further, the number of auctions held across the capitals last week was lower with 2,714 held, compared to 3,301 over the previous week, which was a record high.

“Over the corresponding week last year, both the combined capital city clearance rate and the number of auctions were lower, with 2,304 auctions held and 68.6 per cent reported as successful,” CoreLogic pointed out.

CoreLogic said that Sydney’s clearance rate (80.5 per cent) remained above 80 per cent for the fourth week in a row, and Melbourne (80.4 per cent) for the second week in a row.

Meanwhile, the remaining cities’ week-on-week results showed a fall in clearance rates, with the exception of Perth where results improved, and Tasmania, which remained unchanged over the week.

In Brisbane, the clearance rate fell from 63.6 per cent to 59.8 per cent week-on-week. Adelaide saw a drop from 76.3 per cent to 69.5 per cent, and Canberra from 77.3 per cent to 70.2 per cent.

The auction clearance rate in Perth rose from 21.4 per cent in the week ending 26 February to 36.4 per cent last week.

[Related: Auction volumes surpass 2,000 for first time in 2017]

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Francesca Krakue

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