Auctions numbers were up, but the clearance rate took a tumble in the final quarter of 2015

AUCTION action across Australia went on a real estate roller coaster ride during 2015. But what went up, eventually came down.

Haesley Cush Chief auctioneer qld for Ray White PicJamie/Hanson real estate agent auction hammer

Auction action across Australia went on a real estate roller coaster ride during 2015.

And although auction numbers were up 15 per cent over the final quarter of the year, the average clearance rate took a tumble. By Christmas was at its lowest level since 2012.

According to Core Logic RP Data figures, based on results from September 28 to 20 December 2015, Australia’s combined capital city auction clearance rate fell from 73.4 per cent over the September quarter to 62.1 per cent during the December quarter.

Tim Lawless, CoreLogic RP Data’s head of research said despite weaker clearance rates, auction volumes actually rose over the quarter with 33,604 homes going under the hammer during the three-month period — 15 per cent higher when compared to the September quarter.

“In comparison to the same quarter in 2014, both auction volumes (34,016) and the weighted average clearance rate (66.2 per cent) were lower this year relative to the December 2014 quarter,” he said.

“Despite the lower capital cities clearance rate, on a city-by-city basis, Adelaide, Brisbane, Canberra and Melbourne all recorded a higher clearance rate in the December 2015 quarter, relative to the same period one year ago, albeit only slightly in some cities,” Mr Lawless said.

“The final results for the year further indicate that much of the overall weakness across the auction market can be attributed to the weakening performance across Sydney’s auction market where the clearance rate averaged 59.8% over the quarter compared with a more resilient result of 67.8% in Melbourne,” he said.

City suburbs with the highest number of auctions for the quarter:

• Melbourne: Reservoir 275

• Sydney: Mosman 152

• Adelaide: Prospect 30

• Brisbane: Paddington 49

• Canberra: Kambah & Narrabundah 33

• Perth: Rivervale 16

City suburbs with the highest clearance rate for the quarter:

• Melbourne: Hoppers Crossing 95.7 per cent (23 results from 23 auctions)

• Sydney: Drummoyne 89.4 per cent (47 results from 48 auctions)

• Adelaide: Prospect 71.4 per cent (28 results from 30 auctions)

• Brisbane: Runcorn 76.2 per cent (21 results from 23 auctions)

• Canberra: O’Connor 81 per cent (21 results from 23 auctions)

4 Mason St, Reservoir

In Melbourne this humble home sold under the hammer for $995,000 on December 5.

54 Cowles Rd, Mosman

A Mosman home sold at auction for $2.2 million on November 30.

41 Highbury St, Prospect

This cute Adelaide cottage sold for $575,500 at auction on October 31.

33 Brindle St, Paddington

This Brisbane home sold under the hammer for $2.1 million on October 31.