National preliminary auction clearance rate still hovers above 70%
The combined capitals experienced a surge in auction activity with 1,961 homes going under the hammer this week, according to the latest data from CoreLogic.
However, despite the increase in the number of properties up for auction, the preliminary clearance rate dipped slightly to 70.2%, compared to last week's 70.7% result.
Auction activity has been on the rise for the past three weeks, contrary to the usual seasonal trend during winter. However, experts predict that the number of homes going to auction will decrease in the coming week. This time last year, 1,913 dwellings were auctioned across the capital cities, resulting in a final clearance rate of 54%.
Melbourne stood out as the city with the highest number of auctions, continuing a trend of unseasonal growth, CoreLogic reported. With 846 homes going under the hammer, Melbourne experienced a 24.4% increase compared to the previous week. The preliminary clearance rate for Melbourne this week stands at 69.9%, which is 1.9 percentage points higher than last week's preliminary result.
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Sydney witnessed 760 auctions, a 9.4% increase from the previous week, bringing the preliminary clearance rate to 72.4%. Although this signifies a decrease of -1.8 percentage points compared to last week's preliminary result, it remains a strong performance. Last week, the final auction clearance rate for Sydney was 67.7%.
Smaller capitals
Brisbane hosted 174 auctions, marking a significant increase from the previous week. The preliminary clearance rate dipped to 58.3%, dropping -7.8 percentage points.
Among the capitals, Adelaide recorded the strongest preliminary clearance rate at 82.8%, with 113 auctions taking place. Canberra, with 53 auctions, achieved a commendable success rate of 70.6%.
In Perth, 14 auctions were scheduled, with only two being recorded as successful, while six were withdrawn. No auctions were scheduled in Tasmania this week.
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