Australia sees busiest auction week since before Easter
Auction activity in the combined capitals experienced a slight increase during the first week of spring, surpassing the previous week's numbers, according to new data from CoreLogic.
With a total of 2,291 homes auctioned across the capitals, it marked the busiest auction week since before Easter. This figure represents a 25.7% increase compared to the same period last year when the spring selling season had a more cautious start due to rising interest rates and falling property values.
The preliminary clearance rate for the combined capitals stood at 71.2%, marking a decline for the second consecutive week, CoreLogic reported. This figure represents an 80-basis-point decrease compared to the previous week's preliminary rate of 72%, which was eventually revised to 66.8% at final numbers. The decline in clearance rate was primarily driven by an increase in the withdrawal rate from 7.7% to 9.5%. Additionally, the portion of properties passed in at auction eased to 19.3%. In comparison, during the same period last year, 59.4% of auctions resulted in a successful sale.
Melbourne, which had its busiest auction week since early April the previous week, experienced a 7.6% decrease in auction numbers, with 991 homes auctioned across the city. The preliminary clearance rate for Melbourne also declined for the second consecutive week, with 69.3% of the 800 results collected so far indicating a successful result. In comparison, the previous week's preliminary clearance rate was 69.9%, eventually revised to 64.7% at final figures. This time last year, Melbourne hosted 777 auctions, with a final clearance rate of 62.7%.
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Sydney, on the other hand, had its second busiest week of the year, with 933 homes going under the hammer. This figure was only surpassed by the week ending 2nd April, which saw 1,017 auctions, CoreLogic reported. Comparatively, the previous week had 867 homes auctioned, while this time last year, 689 auctions took place. The preliminary clearance rate for Sydney stood at 73.8%, the lowest in four weeks. In the previous week, the preliminary clearance rate was 74.6%, eventually revised to 69.1% at final figures. During the same period last year, 55.8% of auctions in Sydney were successful.
Smaller capitals
Across the smaller capitals, auction activity rose by 8.3% last week, according to CoreLogic. While Adelaide and Perth experienced declines of 18.3% and 20.0% respectively, Brisbane and Canberra saw increases of 31.4% and 15.9%.
Brisbane had the busiest market last week, with 159 homes auctioned, followed by Adelaide with 103 and Canberra with 95. Adelaide recorded the highest preliminary clearance rate among the smaller capitals, with 82.8% of auctions resulting in a successful sale. Brisbane followed with a clearance rate of 66.7%, and Canberra with 63.6%, CoreLogic reported. In Perth, only two out of the five results collected so far have been positive, while the one auction held in Tasmania last week was successful.
Looking ahead, auction activity is expected to rise further this week, with just under 2,400 homes scheduled for auction across the capital cities.
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