Last week, Australia held 2,820 property auctions, marking the second-highest volume this spring and the fifth-highest of the year, according to CoreLogic’s data.
“The preliminary auction clearance rate came in at 65.8% across the combined capitals, 2.4 percentage points higher than the previous week but below the average through spring to date (67.1%),” said Caitlin Fono (pictured above), CoreLogic’s research analyst.
Melbourne had the busiest auction week, with 1,293 homes under the hammer and a preliminary success rate of 66.5%, aligning with the spring season average.
Sydney followed with 1,073 auctions, achieving a preliminary clearance rate of 68.2%, a slight improvement from last week but still shy of the 70% benchmark in six of the last seven weeks.
Brisbane led the smaller capitals with 175 auctions, though this was the lowest in five weeks, with 53.2% successful results, CoreLogic data showed.
Adelaide saw 160 auctions with a strong 70.1% clearance rate. Canberra, however, recorded a lower success rate at 45.2%, the lowest since early pandemic days in April 2020.
Perth held 22 auctions, with a 53.8% success rate, and Tasmania saw just three auctions.
Over 2,900 auctions are expected this week, with a slight decrease to approximately 2,550 the following week, according to CoreLogic’s projections.
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