For some Australians, there’s no better way to spend a Saturday morning than checking out beautifully-furnished homes and then staying to spectate at the auction with a coffee in hand.
And auction excitement has been increasing in recent months, with property analysis firm CoreLogic registering an increase in clearance rates from 49.9 per cent to 55.5 per cent across Australia’s combined capitals between the March 2019 and June 2019 quarters.
However, in many capitals across Australia, home-sellers are having less luck at auction than they were a year before.
In Canberra, the clearance rate is down from 66.9 per cent in the June 2018 quarter to just 50.8 per cent in the June 2019 quarter.
And across the Northern Territory as a whole, clearance rates have more than halved from 43.2 per cent in the June 2018 quarter to just 20.0 per cent.
But in Sydney, where the housing decline hit first and hit hardest, clearance rates are actually up to 59.1 per cent in the June 2019 quarter, compared to 56.0 per cent.
Sydney 59.1 % (6,776 auctions)
Melbourne 59.5% (7,838 auctions)
Brisbane 32.3 % (1,380 auctions)
Adelaide 47.0 % (1082 auctions)
Perth 27.4 % (409 auctions)
Tasmania 60.0 % (41 auctions)
Canberra 50.8 % (578 auctions)
Combined capitals 55.5 % (18,104 auctions)
“Auction results are highly correlated with housing market conditions in Sydney and Melbourne, while other capital cities generally show a much smaller proportion of properties are taken to auction,” CoreLogic analyst Cameron Kusher explained.
“The improved trend in auction market results provides further evidence that housing conditions are stabilising, especially in Sydney and Melbourne, where a trend towards higher clearance rates has been most pronounced.”
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Sydney and Melbourne are also home to the suburbs with the highest clearance rates.
Leafy Lane Cove in Sydney’s north has an incredible 91.7 per cent clearance rate, while Melbourne’s Armadale had a clearance rate of 85.7 per cent.
For comparison, the highest clearance rate in Brisbane was just 48.0 per cent at Camp Hill.
The 15 suburbs with the highest clearance rates
In order to be measured, suburbs needed to have at least 20 auctions.
Lane Cove 91.7% 32 auctions
Leichhardt 88.9% 44 auctions
Annandale 84.0% 26 auctions
Balmain 83.3% 32 auctions
Camperdown 81.3% 33 auctions
Gladesville 81.0% 24 auctions
Alexandria 80.8% 29 auctions
Newtown 80.0% 37 auctions
Erskineville 80.0% 23 auctions
Armadale 85.7% 33 auctions
Moorabbin 84.0% 27 auctions
Fitzroy 83.3% 31 auctions
Hawthorn East 81.1% 40 auctions
Caulfield South 80.8% 36 auctions
Collingwood 80.0% 24 auctions
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