Buying Research

Auction activity hits 2023 as clearance rates report strongest results since March

For the first time this year, over 2,000 homes will go under the hammer across the country, according to data from CoreLogic.

The week ahead should see 2,459 capital city homes auctioned off, a 33.2 per cent increase on the previous week’s levels. Despite the week-on-week increase, this remains 27.4 per cent below the equivalent week in 2022, when 3,386 auctions were held.

Last week, the nation reported a final clearance rate of 67.2 per cent, the highest point that figure’s reached since the week ending 13 March 2022.

Melbourne is expected to maintain its position as the nation’s busiest capital city this week, with 1,142 auctions expected across the Victorian capital, up 40.3 per cent on last week’s 814 auctions yet down 27.4 per cent on the 1,574 seen during the same week last year.

A final clearance rate of 65.6 per cent was recorded in the city last week, led by Melbourne’s outer east, where 83.3 per cent of the 48 auctions achieved a successful result, while the Mornington Peninsula ended the week as the poorest performing sub-region after just over half (52.4 per cent) of its 21 auctions recorded a positive result.

Just under 1,000 auctions are set to go ahead in Sydney this week, with 907 scheduled, marking a 32.2 per cent week-on-week increase.

After reporting its highest preliminary clearance rate in a year last week, this figure was revised to 71.9 per cent at final reporting — the first time it’s jumped above 70 per cent since the week ending 27 February 2022.

The harbour city’s strongest performing sub-region, the inner west, recorded an 85.7 per cent success rate from 70 auctions, while a 41.7 per cent final clearance rate from 12 auctions marked the Central Coast as Sydney’s poorest performing area.

Across the smaller capital cities, Brisbane, Canberra, and Adelaide are expecting week-on-week activity increases of 17.1 per cent, 38.8 per cent, and 12 per cent respectively. The Queensland capital will be the busiest with 144 auctions, followed by the national capital’s 136 and Adelaide’s 121.

The South Australian capital registered the largest final clearance rate among all Australian capitals (72.6 per cent).

Across Perth, six homes are currently scheduled for auction, a decrease from last week (14) and the same period of 2022 (20), while Tasmania is expecting the same number of auctions as last week, three. 

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