A total of 2,190 auctions took place across Australia’s combined capital cities last week.
This figure was up from 1,918 auctions held the previous week and 1,672 that took place this time last year, making it the largest auction week since late June.
At this time, CoreLogic is reporting a preliminary clearance rate of 62.5 per cent.
It’s slightly higher than the preliminary clearance rate reported for the previous week, which was 61.7 per cent, and then revised down to 59.7 per cent.
CoreLogic noted that it was the highest final clearance rate since the week ending 22 May 2022 (61.3 per cent).
This week, 996 properties were taken to auction in Melbourne — an increase of 17.6 per cent from the previous week (847). So far, 64.4 per cent of the results gathered were successful sales — an increase of 1.2 percentage points from the previous week (63.2 per cent), which was revised down to 61.9 per cent in final data.
Last year at this time, Melbourne was still in its sixth lockdown, with a clearance rate that was significantly impacted — and sitting at just 58.5 per cent.
There were 771 auctions held in Sydney this week, which was a 10.5 per cent increase from the number of auctions held in the previous week (698), but a 1.9 per cent decrease from this time last year, when there were 786 auctions held across the major city.
So far, 60.2 per cent of the results have been reported as successful. This is a drop of just 40 basis points compared to last week’s preliminary clearance rate of 60.62 per cent, which later revised down slightly to 60.0 per cent in the final statistics.
Last week also marked the most successful week for auctions in the harbour city since 10 April 2022. It stands in stark contrast with the same period last year, when Sydney reported an 80.5 per cent clearance rate.
Brisbane’s auction market was the busiest among smaller capital cities last week, with 168 residences being taken to auction, followed by Adelaide with 132 and 102 in Canberra.
The preliminary clearance rate in Adelaide was the highest (75.6 per cent), followed by those in Canberra (65.8 per cent) and Brisbane (52.8 per cent).
There were 20 auctions held in Perth, but only one in Tasmania. In Perth, only three out of 10 gathered results have been successful (30 per cent success rate), while the sole Tasmanian auction found success.
Approximately 1,400 auctions are now scheduled across the combined capitals for the week ending 25 September, indicating a considerable decrease in auction volume.
A number of long weekends for public holidays around the country, as well as the AFL Grand Final in Melbourne are being attributed to a drop in demand.