The preliminary auction rate continued to fade last week, reducing to 69.6% across the combined capitals and marking the second week running where the preliminary clearance rate has come in below the 70% mark.
The lower early clearance rate came alongside a reduction in volume, with 1,629 auctions held, down from 2,749 the week prior. The lower volume of auctions was mostly attributable to a sharp drop across Melbourne due to the labour day long weekend. The number of Brisbane auctions also recorded a substantial decline due to the impact from ex-Tropical Cyclone Alfred.
Sydney hosted the most auctions last week, with 871 homes going under the hammer. Based on results collected so far, 70.7% of auctions have recorded a successful result, down from 71.4% a week earlier and the lowest preliminary clearance rate in five weeks.
With the Labour Day long weekend underway, only 496 homes were taken to auction in Melbourne, down from 1,381 the week prior. 70.5% of auctions have been reported as successful so far, in-line with the previous week’s preliminary result of 70.3%, which revised back to 62.8% on final numbers.
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Only 82 auctions were held in Brisbane, well down from the scheduled number of 148, with many auctions rescheduled. Considering the weather conditions, the 57.6% preliminary clearance rate was a strong result, up from 55.0% the week prior (revised down to 53.0% on final numbers).
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.
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.
105 auctions were held in Adelaide, with 61.3% reported as successful so far which is the lowest preliminary clearance rate since November 2022. In the ACT, 62 auctions were held with a 75.0% preliminary clearance rate, the highest since the week ending June 23rd last year. Only 12 auctions were held in Perth and one in Tasmania
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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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