Sydney auctions withdraw as clearance rates fall

New figures from Corelogic have revealed that both auction levels and preliminary clearance rates fell marginally in the week just gone.

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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