Preliminary clearance rates in capital cities continue to bounce back after last month’s surge in withdrawals, according to recent figures from CoreLogic.
Data from CoreLogic showed that capital cities saw 1,591 homes taken to auction the week ending Sept. 12, up from last week’s 1,423. Of the 1,207 results collected so far, 72.3% were successful, compared to last week’s 67.73% and last year’s 63%.
Melbourne had 510 homes taken to auction this week, down -7.9% from the 554 originally scheduled. Regardless, this figure has improved markedly from last week’s 430, and dramatically from last year’s 13.
Of the 320 results collected so far, 42.5% were withdrawn, resulting in a preliminary clearance rate of 54.4% —the highest for Melbourne since mid-August. This is due to a lower withdrawal rate in comparison to last week’s 52.9%.
Sydney reported 668 homes taken to auction, up from the previous week’s 607 and last year’s 600. Of the 593 results collected so far, 83.8% were successful, making it the seventh consecutive week where the city has recorded a preliminary auction clearance rate above 80%.
Among smaller markets, Adelaide took back the title as the best-performing capital city, with a preliminary clearance rate of 88.1%, while Canberra followed at 69.4% and Brisbane at 68.1%.
The table below shows the preliminary performance of each auction market.
