Auction volumes surged past 2,000 for the first time this year across Australia’s combined capital cities, with the preliminary clearance rate reaching 77%, according to the CoreLogic Property Market Indicator Summary ending on 19 Feb. 2017.

The combined capital city preliminary clearance rate hovered in the 70% range over the week, despite auction volumes reaching their highest level thus far this year. Moreover, the number of dwellings taken to auction in the week ending on 19 Feb. was significantly higher than the previous week (2,280 versus 1,591), with 77% of auctions reported as successful.

The surge in auctions was driven by a substantial rise across the Sydney and Melbourne markets, while the number of auctions held actually saw a decrease across the smaller capital cities over the week.

“The strongest clearance rates, based on preliminary data, were in Sydney and Canberra, where 83.5 per cent and 81.5 per cent of auctions returned a successful result. Melbourne also recorded a strong preliminary clearance rate, with 76.7 per cent of auctions clearing,” said the report.

Overall, the preliminary combined capital city clearance rate was higher this week than was seen over the same period in 2016. However, the number of auctions held was lower, with 2,347 auctions held over the same week in 2016, returning a 71.8% clearance rate.

   Capital city auction statistics (preliminary) 

City	Clearance Rate	Total Auctions	CoreLogic Auction Results	Cleared Auctions	Uncleared Auctions
Sydney	83.5%	844	661	552	109
Melbourne	76.7%	1,1,03	958	735	223
Brisbane	50.6%	117	81	41	40
Adelaide	68.9%	86	61	42	19
Perth	36.8%	41	19	7	12
Tasmania	33.3%	5	3	1	2
Canberra	81.5%	84	27	22	5
Weighted Average	77%	2,280	1,810	1,400	410

           Source: CoreLogic RP Data 

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