February is usually one of the slowest months for real estate, but this week marked the busiest February auction week for CoreLogic since its records began in 2008.
Combined capital cities saw 3,384 homes go under the hammer this week. However, of the 2,755 results collected so far, only a preliminary auction clearance rate of 74.3% was recorded – lower than last week’s 74.6% and last year’s 79.3%.
This boom in listed properties could be indicative of a slowing market, The Sydney Morning Herald reported. Nerida Conisbee, chief economist at Ray White, said the skyrocketing number of new listings, looming interest rate rises and the upcoming federal election are prompting more vendors and buyers to deal before auction day.
Melbourne had the busiest market this week with 1,561 auctions - its second consecutive week with an excess of 1,000 in 2022. Of the 1,323 results collected so far, 71% have been successful.
Meanwhile, Sydney hosted 1,209 auctions this week, up from 1,021 the week prior. The clearance rate increased week-on-week despite the higher volumes, with 76.9% of the 1,016 results collected so far reporting a successful outcome. It continued the stark turnaround from its December results, when Sydney’s auction clearance rate was tracking around the low 60% range.
Across smaller capitals, Adelaide had the busiest market with the only preliminary clearance rate above 80% with 208 auction volumes. Canberra followed at 75.7% and Brisbane at 72.7%. Perth hosted nine auctions, six of which were successful, but there were no auctions in Tasmania this week.
