62% of combined capital auctions find success

According to CoreLogic’s latest Property Market Indicator Summary, there were 1,613 homes taken to auction across the combined capital cities during the week ended 2 October. 

That’s up 22.6 per cent from 1,316 over the previous week and 1,986 this time last year.

This week’s preliminary clearance rate of 62.3 per cent is an improvement on last week’s rate of 60.6 per cent, which was revised down to 60.0 per cent at final figures.

While volumes have increased this week, they have been impacted by the Labour Day long weekend across ACT, NSW and South Australia, along with the Queen’s Birthday long weekend across Queensland.

It’s now the fifth consecutive week that the national preliminary clearance rate has remained above 60 per cent.

One year ago, 1,986 auctions were held, where 83.2 per cent of results were successful.

Melbourne was host to 823 auctions this week, increasing from 130 over the previous week when two consecutive public holidays led to an extended long weekend across the city.

Of the results collected so far, 64.3 per cent  were successful. It’s down 1.8 per cent on the previous week’s preliminary clearance rate of 66 per cent, which was revised down to 64.6 per cent at final numbers. This time last year, 805 auctions were held across the city, and 85.3 per cent of them were successful.

A combination of the Labour Day long weekend and the NRL Grand Final has been blamed for this week’s reduced volumes in Sydney, where auction numbers dropped from 807 across the board last week to 489 this week.

So far, 60.4 per cent of the results have been successful. This is just 20 basis points shy of last week’s preliminary clearance rate of 60.6 per cent, which was revised upwards to 61.3 per cent at final count, making that clearance rate the highest the city had seen since 10 April 2022, when 61.7 per cent of Sydney auctions were successful.

Last year at this time, 81.6 per cent of the city’s homes that were put up for auction had been sold.

In the smaller capital cities, Brisbane had the most auctions this week, with 116 homes going up for sale. Adelaide and Canberra came in second and third, respectively, with 102 and 100 homes (61).

Meanwhile, Adelaide had the best preliminary clearance rate of all (78.3 per cent), followed by Canberra (62.5 per cent), Brisbane (45.9 per cent), and Perth (40 per cent). So far, one of the three auctions in Tasmania has been reported as successful.

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