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Auction clearance rate is living in the 60s

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Published on: Tuesday, November 03, 2015

The preliminary clearance rate for the combined capital cities was 63.3% this week, compared to 64.9% over the previous week. At the same time last year, the national clearance rate was stronger at 68.1%, however auction volumes were at lower levels.

Weekly clearance rate, combined capital cities

Research house CoreLogic RP Data says clearance rates have been tapering off on higher volumes since April this year. “The number of auctions being held so far across the Spring season is approximately 20 per cent higher than what was recorded over the same period a year ago.”

Capital city auction statistics (preliminary)

Sydney

Sydney’s clearance rate improved this week to 63.5% from 61.3% last week. At the same time last year Sydney’s clearance rate was considerably higher, at 75.6%. 

The best performing sub-region in Sydney was the City and Inner South with a clearance rate of 73.9% across 119 auctions. 

According to Australian Property Monitors (APM), the median sale price over 519 properties sold at auction on Saturday October 31 was $1.15 million.

One of the most expensive properties to sell at auction on this date was a 6 bedroom Bellevue Hill home for $6.5 million.

Melbourne

Melbourne’s clearance rate dropped this week to 65.4% from 69.7% last week. Auction volumes also fell considerably in the lead up to the Melbourne Cup from 1,690 to 611. At the same time last year, Melbourne’s clearance rate stood at 69.6% across just 220 auctions.

This week Melbourne’s top performing sub-region was the North East with a clearance rate of 74.6% across 72 auctions.

APM reported a median sale price of $704,250 over 252 properties sold at auction on Saturday October 31.

One of the most expensive properties to sell at auction on the weekend was a 3 bedroom house in Newport that went for $1.96 million.


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