Adelaide recorded a clearance rate of 66% across 151 auctions this week, up from 65.3% across 165 auctions last week. At the same time last year, 154 homes were taken to auction, with 49.3% recording a successful result.
Nationally, auction levels are at their highest since March thus year with 3,411 auctions held over the past week, returning a preliminary clearance rate of 74.6% per cent, up from last week’s 72.3% and substantially higher than the equivalent period last year (58.2%). The combined capitals clearance rate has been tracking above 70% consistently over the past 20 weeks, with the clearance rate higher than 75% over eleven of the past twenty weeks. The last time the combined capital city clearance rate was tracking over 70% over the given period was in 2009.
With the Spring Selling Season done and dusted for 2016 stock levels remain low across the hot housing markets but are reaching record levels in Perth and Darwin. One of the key factors in determining the performance of the property market this year has been the lack of advertised stock which has created urgency and driving strong competition among buyers. This is clearly one of the key reasons why auction clearance rates have been so high.
New properties hitting the market in Adelaide have been lower than in recent years with the most recent report from RP data where they tracked the latest 28 day period showing newly advertised stock tracking 1.7% lower than the same time last year however the total number of advertised stock is almost 2% higher than the same time a year ago. Compared with the earlier years, Adelaide listing numbers are well short of the highs seen in 2011 and 2012 when values were tracking lower and buyers had a much wider range of stock to choose from.
Image: Source RP data/Core Logic