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Auction clearance rates climb

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Published on: Tuesday, November 10, 2015

The national auction clearance rate was on the up this week, increasing to 63.7% from 61.0% last week. Last week's result was the lowest clearance rate seen since early June 2014.

Auction volumes were robust at 2,898, up from 2,547 last week, and comparable to the 2,942 homes taken to auction at the same time last year.

Weekly clearance rate, combined capital cities

Research house CoreLogic RP Data reports that this stronger result was on the back of Melbourne’s solid clearance rate of 69.3%.

Capital city auction statistics (preliminary)

Sydney

Sydney’s clearance rate also improved to 61.9% compared to 60.2% last week - the lowest level since Easter 2013 when levels were at 58.2%. 

At the same time last year, Sydney’s clearance rate was higher at 68.1%.

The busiest Sydney sub-region for auctions was North Sydney and Hornsby, with 198 homes taken to auction and a clearance rate of 67.1% across 149 results.

Australian Property Monitors (APM) reports that across 452 auctions sold on Saturday, November 7, the median sale price was $1.225 million.

This 3-bedroom property in Sydney’s Inner West suburb of Ashfield went for just under that amount at $1.220 million.

Melbourne

Melbourne’s auction volumes increased considerably after the Spring Racing Carnival - lifting to 1,189 compared to 629 last week. The capital city recorded a clearance rate of 69.3% despite these higher volumes.

This week’s result is up on last week’s clearance rate of 65.6% and last year’s 65.5%.

The strongest clearance rate in Melbourne was in the sub-region of the Mornington Peninsula, where a clearance rate of 78.4% was recorded across 37 reported results.

APM’s median sale price across 607 properties sold at auction on Saturday November 7 was $758,750.

This 3-bedroom terrace went for a comparable price in Melbourne’s suburb of Brunswick at $765,000.

 


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