Combined capital cities experienced their second-busiest week with 4,136 homes taken to auction this week, but preliminary clearance rates have slipped below 70%, according to the latest figures from CoreLogic.
Since late September, CoreLogic has recorded steady preliminary clearance rates above 80%, but the pre-Christmas rush does not seem to translate to successful transactions. There have been 3,402 results collected so far this week, returning a preliminary auction clearance rate of 69.9%, down from the previous week’s 71.4%.
Both Melbourne and Sydney held one of their busiest auction weeks this entire year, but had their auction volumes decline from the week prior.
Melbourne hosted 1,889 auctions this week, down from 1,910 last week. Of the 1,558 results collected so far, 69.4% were successful, up from the previous week’s 68.5% – a figure similar to the same time last year.
Sydney saw 1,467 auctions go under the hammer this week, down from 1,546 auctions last week. Of the 1,249 results collected so far, only 67.3% have been successful, making it the first time since September 2020 the city has seen its preliminary clearance rates drop below 70%.
“The previous week saw a higher preliminary clearance rate of 71.4%, revising down to 67.2% at final figures, the lowest final clearance rate the city has seen all year,” CoreLogic reported. “It’s likely that the final clearance rate will slip further this week as remaining results are collected.”
Across smaller markets, Canberra had the highest preliminary clearance rate at 82.1%, followed by Adelaide at 76.4%, Brisbane at 74.6% and Perth at 43.5%.
