Capital cities post preliminary clearance rates above 70% even as volume creeps down
Auction activity was down 3% this week, with 1,673 auctions held across the combined capital cities, according to a report from CoreLogic.
The week prior saw 1,724 homes go under the hammer. This time last year, 2,879 auctions were held across the combined capitals.
The combined capital cities posted a preliminary clearance rate above 70% for the second week, with 74.4% of the 1,329 results collected as of Monday reported as successful. The prior week’s preliminary clearance rate was 75.1%, revised to 69.9% at final figures. This time last year, 601.% of auctions were successful.
Larger capitals
Melbourne hosted 728 auctions this week, none more than were held in the city last week, CoreLogic reported. The city posted a preliminary clearance rate of 75.7%, topping 70% for the fifth consecutive week. Last week’s preliminary clearance rate was 76%, revised to 69.9% at final figures. This time last year, Melbourne posted a clearance rate of 60.5% on 1,291 auctions.
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In Sydney, 649 homes went under the hammer this week, 1.6% more than the 639 auctions held the prior week but 31.4% lower than the 946 auctions this time last year. Of the 516 results collected as of Monday, 76.2% were successful. That’s Sydney’s third-highest preliminary clearance rate this year, and the ninth consecutive week that the preliminary clearance rate has exceeded 70%. The previous week’s preliminary clearance rate was 78.5%, revised to 73% at final figures. This time last year, only 53.8% of auctions were successful – the lowest clearance rate for the city since April of 2020.
Smaller capitals
Brisbane has the busiest auction market among the smaller capital cities with 117 properties going under the hammer, followed by Canberra (83) and Adelaide (77).
Adelaide posted the highest preliminary clearance rate among the smaller capitals, with 80.8% of auctions reporting a successful result. Adelaide was followed by Canberra (77.2%) and Brisbane (56.5%).
In Perth, four of the 12 results collected as of Monday were successful. Two auctions were held in Tasmania, one of which was successful.
Auction volumes have been creeping up recently amid predictions that the housing slump is largely over.
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