Sydney auctions withdraw as clearance rates fall 

Across the combined capital cities 1,742 auctions were held, down 4 per cent on the 1,815 experienced the week prior, bringing with it a decrease in preliminary clearance rates, which fell two per cent to their lowest figure this month – 61.4 per cent.

Such results pale in comparison to the same period last year when 3,000 auctions were held nationwide producing a 78.3 per cent success rate.

Melbourne defied predictions becoming the busiest capital city having held 683 auctions, an 8.1 per cent decrease on the levels reported a week earlier. Accompanying the stalling activity levels was the Victorian capital’s lowest preliminary clearance rate in just over one month, with 63.8 per cent of the city’s auctions returning a positive result, down from last week’s 66.1 per cent.

The city’s south-east was its most successful sub-region, registering a preliminary clearance rate of 81.4 per cent from 74 total auctions. Conversely, with 51.5 per cent of its 128 auctions returning a positive result, Melbourne’s inner sub-region was its least successful.

After Corelogic anticipated it being the busiest capital city, Sydney fell below its Victorian counterpart due to an 18.3 per cent withdrawal rate – up from 16.5 per cent last week. The harbour city registered a preliminary clearance rate of 61.7 per cent – the seventh consecutive week that figure has exceeded 60 per cent – from 677 auctions. This is the highest preliminary clearance rate recorded in the New South Wales capital since the middle of August.

Ryde performed strongest of all Sydney’s sub-regions considering 70 per cent of its 25 auctions returned a positive result while nearby Parramatta returned a preliminary clearance rate of 46.9 per cent from 44 auctions marking it as the city’s worst performing sub-region.

Throughout the rest of the capital cities, Brisbane was busiest this past week hosting 159 homes, a 27.2 per cent activity increase on the previous week. Adelaide trailed the Queensland capital with 122 auctions, then Canberra’s 90, both of which suffered a 14.7 per cent and 20.4 per cent decline in activity respectively.

Regarding success, the South Australian capital returned the strongest results with a preliminary clearance rate of 69.7 per cent, followed by Canberra’s 56.1 per cent and Brisbane’s 49 per cent.

So far, six of Perth’s 13 results collected have returned a successful result, while the one auction held in Tasmania was unsuccessful.

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