Auction activity rose sharply this week, with 2,847 homes taken to auction across the combined capital cities. The busiest auction week since the pre-Easter season spike, this week’s auction activity was up 38.3% compared to the previous week (2,059) but was down -2.0% from the 2,905 auctions held this time last year.
The combined capitals preliminary clearance rate (64.6%) fell for the fourth consecutive week, down 10 basis point with 2,228 results collected so far. This week’s preliminary clearance rate overtakes the week prior (64.7%) as the lowest preliminary clearance rate of the year to date. Last week’s rate revised down to 61.8% at final figures while this time last year 77.0% of auctions held were successful.
Capital City Auction Statistics (Preliminary)
In Melbourne 1,268 homes across the city went under the hammer this week, up 40.1% from the week prior (905) but down 5.7% compared to this time last year (1,345). Of the 1,044 results collected so far, 64.0% returned a successful result, down 60 basis point from last week’s preliminary clearance rate (64.6%), which was revised to 59.8% at final numbers. Over the same week last year, 75.4% of auctions held in Melbourne were successful.
Weekly clearance rate, combined capital cities
Across Sydney, 934 auctions were held this week, up 41.7% from the week prior when 659 auctions occurred. With 738 results collected so far, Sydney was amongst the only two capitals to see a rise in its preliminary clearance rate, with 61.1% of actions held retuning a successful result. This week’s rate is up 2.4 percentage points from the week prior, when a preliminary rate of 58.7%, (revised to 55.3% at final figures) was recorded. Despite the increase in the preliminary clearance rate, Sydney’s withdrawal rate remains high, with 22.1% of this week’s auctions being withdrawn from the market. This time last year 78.9% of the 1,150 auctions held across Sydney returned a successful result.
Capital City Auction Statistics (Preliminary)
Across the smaller capitals, Adelaide continues to record both the highest preliminary clearance rate and the busiest auction week with 263 auctions retuning a preliminary clearance rate of 78.8%. Canberra was amongst the only two capitals to record a rise in its preliminary clearance rate (76.0%) up one percentage point from the week prior (75.0%) with 127 auctions, while Brisbane’s preliminary clearance rate fell 2.3 percentage points, with 60.3% of the 235 auctions held returning a successful result. In Perth, six of the nine results collected so far have been successful, while results for three of the four auctions held in Tasmania have been collected so far, none were successful.
Sub-region auction statistics (preliminary)
Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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