Preliminary clearance rates in capital cities improved last week across lower volumes and fewer withdrawals, according to recent figures from CoreLogic.
Data from CoreLogic showed that capital cities saw 1,535 homes taken to auction the week ending 05 September 2021, slightly down from the 1,567 originally scheduled. And of the 1,183 results collected so far, 67.3% were successful compared to last week’s 55.4% and last year’s 60.5%.
Melbourne saw a decline with 531 homes taken to auction this week, down from last week’s 928. Regardless, this figure is still dramatically higher than the 28 from the same period one year ago.
Of the 371 results collected so far, 53.6% were withdrawn, resulting in a preliminary clearance rate of 44.5%. Last week, there were 61.6% withdrawals with a final auction clearance rate of 35.9% — the lowest clearance rate since mid-September 2020.
Meanwhile, Sydney reported 609 properties taken to auction, up from the previous week’s 592 and similar to last year’s 608. Of the 519 results collected so far, 84% were successful, which marks the highest preliminary clearance rate the city has seen since mid-April.
“Last week, Sydney’s preliminary auction clearance rate was 82.7%, revising down to 80.2% at final figures. Sydney’s final clearance rate has held above 80% for two of the last three weeks, with this week likely to be no different as the remaining results are collected,” CoreLogic said.
Among smaller markets, Brisbane was the best-performing capital city, with a preliminary clearance rate of 78.8%, while Adelaide followed at 75.7% and Canberra at 57.4%.
The table below shows the preliminary performance of each auction market.
