Preliminary clearance rates rise slightly despite fewer homes going under the hammer across capital cities
Auction activity across Australia’s capital cities slowed last week, with 2,264 homes taken to auction, down from 2,617 the previous week and 2,884 during the same period in 2022, according to CoreLogic’s preliminary data.
The preliminary clearance rate rose to 64.6%, a 2.2 percentage point increase from the prior week’s initial figure of 62.4%, which was later revised down to 57.6%.
Melbourne recorded 1,022 auctions last week, down from 1,236 the week before and 1,398 at this time last year. The city’s preliminary clearance rate reached 68.6%, marking a 1.6 percentage point increase from the previous week’s 67.0%, which was revised to 60.5% in final results. This is Melbourne’s strongest preliminary clearance rate since mid-October, when it reached 69.2%.
Sydney saw 816 auctions last week, a decline from 927 the previous week and 934 one year ago. The preliminary clearance rate came in at 63%, up from the prior week’s 57.5%, which later revised down to 54.8%.
According to CoreLogic’s latest Property Market Indicator Summary, Brisbane had the highest number of auctions among smaller capitals, with 166 homes going under the hammer. The city posted a preliminary clearance rate of 59.3%, slightly higher than the previous week’s 57.6% (revised to 51.0%).
Adelaide reported 159 auctions with an early clearance rate of 63%, improving from 61.7% the week prior, which was later finalised at 61.9%.
The Australian Capital Territory held 62 auctions, down from 78 the previous week. Preliminary results showed a success rate of 54.5%, a decline from the prior week’s 60.8% (revised to 53.2%).
Perth recorded 38 auctions, making it the city’s busiest auction week of the year, with a preliminary clearance rate of 40%. Tasmania had only one reported auction last week, with no result yet available.
Auction activity is expected to decline further as the holiday season approaches. Fewer than 850 homes are currently scheduled for auction in capital cities this week, with only a small number expected in the final week of the year.
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