It was a busy Easter for auctions this year, with 895 homes going under the hammer, only slightly down from the record high 926 auctions held over the week of Easter 2022, which was only a few weeks out from the commencement of the rate hiking cycle. The week of Easter last year saw a much lower 652 homes taken to auction.
Capital City Auction Statistics (Preliminary)
The preliminary auction clearance rate held above the 70% mark, coming in at 71.1% across the combined capitals, but down 1.2 percentage points from the previous week’s preliminary clearance rate (72.3% which revised down to 65.8% on the final results). In fact, this was the lowest preliminary clearance rate so far this year, excluding January results which can be volatile due to low auction volume.
Melbourne was the main drag on the softer success rate, with a preliminary clearance rate of 63.0%, the lowest early clearance rate since the week ending November 5th last year (fresh after the RBA’s Melbourne Cup Day rate hike). Sydney bucked the softer trend, with a preliminary clearance rate of 77.8%, up from 75.9% over the previous week and the highest preliminary result since the week ending February 18.
Capital City Auction Statistics over time
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
The smaller capitals all recorded a softening in the preliminary clearance rate relative to the week prior. Adelaide’s clearance rate came in at 78.8%, followed by Brisbane (67.1%) and Canberra (61.5%).Just one of the three auctions reported in Perth so far was successful, while there were no auctions in Tasmania last week. Brisbane recorded the busiest auction week, with 98 homes taken to auction, followed by Adelaide (59) and Canberra (45).
The volume of auctions is set to bounce higher this week with just over 2,000 homes currently scheduled for auction.
Capital City Auction Statistics (Preliminary)
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 99% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.
Sub-region auction statistics (preliminary)
CoreLogic, on average, collects 99% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.
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Meet Caitlin Fono
Sr Associate, Research Support
Caitlin has spent more than a decade working with property data and analytics in various roles, earning a position on the CoreLogic research team in 2013. As a respected and highly experienced research analyst, Caitlin works with high frequency data sets, regularly updating our widely read auction reporting, weekly activity updates and customised data briefs.
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