The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
ResidentialEditorial DeskMon 10 Dec 18

Auction Rates Slump to Mid-40s

54bc4527-6360-4c24-a96b-529b2bff8982

Auction clearance rates have slumped again with 45 per cent of homes selling across the combined capitals last week.

Preliminary results show a national average clearance rate of 45.3 per cent but this is expected to fall below 45 per cent once results are finalised in coming days.

The results mark the sixth consecutive week that auction volumes have sat below 45 per cent, reducing again week-on-week.

A total of 2,614 properties were taken to auction across the combined capitals last week, lower than the previous weeks tally of 2,749 and significantly lower than the corresponding week last year.

Related: Sydney and Melbourne House Prices Will Fall 20%: AMP

CityTotal auctionsCorelogic auction resultsCleared auctionsUncleared AuctionsClearance rate
Sydney85355726828948.1%
Melbourne1,2831,03647855846.1%
Brisbane16970214930%
Adelaide15479364246.2%
Perth521551033.3%
Canberra10073324143.8%
Weighted Average2,6141,82984098945.3%


Melbourne was host to 1,283 auctions this week with preliminary results showing a clearance rate of 46.1 per cent, increasing from last week when the final clearance rate was a lower 42.7 per cent across 1,378 auctions.

Melbourne's south east experienced the lion's share of successful sales with 53 per cent of properties finding new owners.

There were 853 auctions held in Sydney with preliminary results showing a 48.1 per cent clearance rate, up from 41.6 per cent across a higher volume of auctions last week.

Over the same week last year 1,007 homes were taken to auction across the city returning a clearance rate of 52 per cent.

Sutherland and the city and inner south experienced high clearance rates of 67.9 per cent and 63.5 per cent respectively while a mere 29 per cent of properties sold in Parramatta.

Related: Weak Market Conditions to Impact House Prices: Report


Image: Corelogic

With a smaller volume of properties on the market, Adelaide recorded a 46.2 per cent clearance rate, although only slightly more than half of the 154 auctions listed had been reported.

Across the smaller auction markets, Canberra and Tasmania were the only places to see auction volumes fall week-on-week.

As further late results are received there stands the chance that the that the final clearance rate for the week could be revised below 40 per cent, a new low in the current cycle.

Preliminary clearance rates for the previous week of 47 per cent was revised down to show a final figure of just 41.3 per cent, the lowest level since late 2011.

ResidentialAustraliaReal EstateSector
AUTHOR
Editorial Desk
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Sydney developer is pushing ahead with a project it picked up following the collapse of Dyldam in 2020....
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/auction-rates-slump-to-mid-40s