Some 3,062 Australian homes have been taken to auction across the combined capital cities this week, making it the second busiest auction week of the year to date, according to the latest CoreLogic data.
The previous week, there were 2,054 homes taken to auction, with lower volumes attributed to public holiday long weekends across four of the eight states and territories. The figure is lower than the 2,710 auctions held this time last year.
According to CoreLogic, of the 2,479 capital city results collected so far, 69.8% were successful, marking the first time the preliminary clearance rate has slipped below 70% since the week ending Jan. 23, 2022. The previous week’s preliminary auction clearance rate was 72.2%, which revised down to 68.9% at final figures, down from the 80.9% of successful reported auctions this time last year.
Once final results are collected, CoreLogic expects the final clearance rate to hold below 70% for the third consecutive week.
In Melbourne, 1,504 auctions were held this week, up from 608 over the week before and 1,322 the same period last year. Of the 1,260 results collected so far, 68.9% have been successful, down from the previous week’s preliminary clearance rate of 71.9%, which revised down to 68.6% at final figures. Over the same week last year, 78.8% of reported auctions were successful.
Sydney was host to 1,005 auctions, similar to the previous week’s 1,008 and this time last year’s 1,025. The clearance rate dipped a bit week-on-week, with 69.7% of the 824 results collected so far reporting a successful result. The previous week saw a preliminary clearance rate of 70.4%, revising down to 67.1% at final figures, while 85% of reported auctions were successful this time last year.
Across the smaller capitals, Adelaide had the highest preliminary auction clearance rate at 83.6%. This was followed by Canberra with 76.2% and Brisbane with 61.2%. In Perth, a 41.7% clearance rate has been recorded from the 12 results collected so far. Adelaide was the busiest auction market this week with 195 homes taken to auction across the city, followed closely by Brisbane with 189. Canberra hosted 150 auctions this week, while 19 auctions were held in Perth. There were no auctions in Tasmania this week, CoreLogic reported.
