Auction volumes bounced back after tumbling the previous week due to a string of public holidays
Last week, the number of homes taken to auction across the combined capitals doubled, reaching a total of 2,436 properties, according to data from CoreLogic.
This marked a significant increase compared to the previous week, which saw only 1,198 homes auctioned due to a string of public holidays. In comparison to the same period last year, when 1,815 auctions were held, the current numbers remain strong.
The preliminary clearance rate for the combined capitals also experienced a positive trend, rising by 70 basis points to reach 71%, according to CoreLogic. This increase can be attributed to a decrease in both the withdrawal rate, which dropped to 10.8%, and the portion of properties passed in at auction, which decreased to 18.0%. So far, 1,901 results have been collected, with the previous week's preliminary clearance rate of 70.3% being revised down to 64.4% at final numbers. In comparison, during the same period last year, 60.6% of auctions held returned a successful result.
In Sydney, there were 918 auctions held last week, representing a 28.6% increase compared to the previous week's 714 auctions. However, the preliminary clearance rate fell below the 70% mark for the first time in nine weeks, coming in at 69.7%, according to CoreLogic. So far, 713 results have been collected.
The decline in clearance rate can be attributed to an increase in vendor withdrawals, which rose to 17.4%, while the portion of properties passed in at auction decreased to 12.9%. The previous week's preliminary clearance rate was two percentage points higher at 71.7%, but it was revised down to 64% at final figures, CoreLogic reported. In comparison to the same period last year, when 681 homes were auctioned, the success rate was 59.4%.
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Melbourne saw a significant increase in auction activity, with 1,138 homes auctioned across the city, CoreLogic reported. This marked the busiest auction week since early April and was a substantial rise from the 203 auctions held the previous week. It was also 53.2% higher than the number of auctions held during the same period last year. The preliminary clearance rate for Melbourne rose to 72.7%, surpassing the 70% mark and increasing by 6.7 percentage points. So far, 931 results have been collected. The previous week's preliminary clearance rate of 66% was revised to 66.5% at final numbers, while the final clearance rate recorded during the same period last year was 62.2%.
Smaller capitals
Among the smaller capital cities, auction activity increased in Adelaide (49.4%), Canberra (48.6%), and Brisbane (22.9%), while it decreased in Perth (-20.0%).
Brisbane was the busiest market among the smaller capitals, with 134 homes auctioned, followed by Adelaide (124) and Canberra (107). Adelaide recorded the highest preliminary clearance rate among the smaller capitals, with 80.8% of auctions reporting a successful result, CoreLogic reported. Brisbane followed with a clearance rate of 72.3%, and Canberra with 56.5%. In Perth, two out of the six results collected so far were successful, while one out of the three homes auctioned in Tasmania recorded a successful result.
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