Auction clearance rates remain strong

CoreLogic’s latest Property Market Indicator Summary for the week ending 6 December 2020 has found that 2,065 auctions were held across the combined capital cities, down from 2,168 over the previous week. 

One year ago, 2,912 homes were taken to auction, where 71.1 per cent of reported results were successful. 

Of the 1,704 results collected for last week so far, 75.1 per cent reported a successful result, increasing on the previous preliminary clearance rate of 73.9 per cent for the week ending 30 December, which was then revised down to 70.6 per cent at final figures. 

However, CoreLogic does expect the final figure for this past week will likely trend downwards, reporting that “for the previous five weeks, the final clearance rate across the combined capital cities has averaged 70.1 per cent, and it’s likely that this week will be at a similar level once remaining results are collected”. 

Melbourne was host to 874 auctions last week, down slightly from the previous week (909), and substantially lower than this time last year (1,520). So far, 731 auction results have been collected, returning a preliminary clearance rate of 73.6 per cent, increasing on the preliminary clearance rate of 71.7 per cent the week prior, which revised down to 69.3 per cent at final figures. 

One year ago, 73.2 per cent of reported auctions were successful across Melbourne. 

Meanwhile, Sydney saw 871 auctions in the seven days to 6 December, and of the 730 results collected so far, 80.1 per cent were deemed successful. Over the previous week, 886 homes were taken to auction across the city and a preliminary clearance rate of 76.9 per cent was reported, before revising down to 72.5 per cent at final figures. 

This time last year, 976 auctions were held across Sydney, and 73.8 per cent of reported auctions were successful.

Across the smaller capital cities, Perth emerged as the winner, with a preliminary clearance rate of 78.6 per cent, followed by Canberra with 75.0 per cent, Adelaide with 62.9 per cent and Brisbane with 57.7 per cent.

[Related: Home loan activity leaps 15%]