2nd busiest week of 2023 brings 11-month clearance rate high

Not since mid-April 2022 has Australia recorded a more successful auction week than the one just gone, according to CoreLogic.

The week ending 26 March 2023 saw 2,292 homes go under the hammer across the country — the second most recorded this year — with 71 per cent of the 1,795 results collected so far having returned a positive result. 

This week’s preliminary clearance rate is 2.6 per cent higher than last week’s, which was revised to 64.2 per cent at final reporting, breaking the four-week streak of 65 per cent and above clearance rates.

A 7.2 per cent activity increase saw Melbourne finish the week as the nation’s busiest market, having hosted 1,122 auctions. Of the 916 results collected so far, 73.5 per cent were positive.

The Victorian capital’s inner east was its strongest performing sub-region with 83.2 per cent of its 151 auctions returning a successful result, while the city’s west, which recorded a preliminary clearance rate of 58.1 per cent from 113 auctions, was the weakest performer.

In Sydney, 791 homes went under the hammer throughout the week, up from 782 last week. A 2 per cent preliminary clearance rate decrease resulted in 71.5 per cent of the 618 results collected so far returning a positive result, with CoreLogic expecting the city to maintain its high 60 per cent final clearance rate. 

The NSW’s capital city and inner-south region registered an 85.7 per cent preliminary clearance rate from 62 auctions, marking it as the harbour city’s most successful sub-region, while 41.1 per cent of the 44 auctions in the south west returned a successful result as the region ending the week as the city’s poorest performer.

Brisbane was the busiest of the smaller capitals as it hosted 135 auctions, followed by Adelaide’s 131 and Canberra’s 91. Each smaller capital city market recorded a preliminary clearance rate increase, led by Adelaide’s 78.6 per cent success rate.

The national capital saw the second highest preliminary clearance rate of these markets (59 per cent) followed by Brisbane’s 56 per cent.

In Perth, just three of the 13 results collected so far were successful, while Tasmania hosted four auctions, with the three results reported so far all being unsuccessful.

CoreLogic is expecting activity to increase next week, with 2,750 homes expected to go under the hammer across the country in the lead up to Easter.

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