Australia records busiest auction week since June

Spring has turned to summer, bringing with it a boost to the nation’s auction activity.

Across the country, a 3.8 per cent activity increase resulted in 2,506 homes going under the hammer for the week ending 4 December 2022, marking the busiest week since June, when 2,528 auctions were held in a seven-day period.

So far, 1,921 results have been collected, 61.9 per cent of which were successful, representing a 40-basis-point preliminary clearance rate increase from a week earlier (61.5 per cent), which revised to 56.4 per cent — the lowest rate since late August.

For the third week running, Melbourne hosted over 1,000 auctions. A total of1,118 homes went under the hammer held throughout the Victorian capital — a 10.6 per cent increase on the week before. Despite the boost, that figure remained 41.5 per cent lower than what was reported over the same week last year (1,912.)

With a preliminary clearance rate of 62.4 per cent from 894 results collected so far, Melbourne has seen a 1.4 per cent increase in successful auction results.

Melbourne’s inner east was its strongest-performing subregion, as 75.4 per cent of the 140 auctions held returned a successful result, whereas its worst-performing subregion, the west, mustered a preliminary clearance rate of just 47.7 per cent from 144 auctions. 

Sydney hosted 895 auctions this week — a 3.7 per cent activity increase. So far, 701 results have been collected at a 64.8 per cent success rate, a slight increase on last week’s preliminary clearance rate (64.2 per cent), which was later revised down to 58.6 per cent.

The outer west and Blue Mountains region was the city’s standout performer, with 81.8 per cent of the 16 auctions returning a successful result. Meanwhile, Sutherland’s 44 per cent preliminary clearance rate from 36 auctions brandished it as Sydney’s weakest-performing subregion.

Adelaide was the busiest smaller capital city market as the city of churches hosted 178 auctions. Brisbane (171) and Canberra (126) weren’t too far behind. 

The nation’s capital experienced the strongest results, as 67 per cent of Canberra’s auctions returned a positive result, followed by 62.1 per cent in Adelaide and 42.3 per cent in Brisbane. 

Meanwhile, three of Perth’s eight auctions returned a positive result, while one of three auctions in Tasmania was successful.

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