National auction activity reaches 5-month high

CoreLogic is predicting the seasonal activity peak is on the horizon following Australia’s busiest week since late June.

Across the country, activity rose 4.4 per cent to 2,364 auctions for the week ending 20 November 2022, bringing preliminary clearance rates, which rose 3 percentage points, with it. Of the 1,790 results collected so far, 63.1 per cent returned a successful result. With 2,450 auctions already pencilled in for the week ahead, buoyed by almost 1,000 in each of Sydney and Melbourne, CoreLogic is reporting a seasonal activity peak imminent in the coming weeks. 

Sydney was plagued this week by its highest withdrawal rate since mid-September (20.8 per cent), which saw activity fall 1.2 per cent from 775 auctions to 766. Despite this, the harbour city’s preliminary clearance rate soared 6.3 per cent to 67.5 per cent as just 11.8 per cent of auctions passed through — the lowest rate of 2022.

The Central Coast’s 50 per cent preliminary clearance rate from 11 total auctions marked it as the city’s poorest-performing subregion, whereas the outer west and Blue Mountain regions experienced the greatest success, with 79 per cent of 25 auctions returning a positive result.

In Melbourne, 981 homes went under the hammer this week, ensuring it as the nation’s busiest capital. Of the 817 results collected so far, 65.5 per cent were successful as the Victorian capital recorded its 17th consecutive week where preliminary clearance rates held firmly between 60 per cent and 70 per cent.

Melbourne’s inner east, where 79.3 per cent of 133 auctions were successful, was the city’s strongest-performing subregion. Opposingly, having recorded a 46.3 per cent preliminary clearance rate from 130 auctions, Melbourne’s west was the weakest-performing subregion.

Across the smaller capital cities, Brisbane hosted the most auctions (198) courtesy of a 13.1 per cent activity increase, followed by Adelaide’s 157 and Canberra’s 131, representing increases of 2.6 per cent and 20.2 per cent, respectively. 

Despite reporting its lowest preliminary clearance rate for almost two years (61.2 per cent), Adelaide was the most successful smaller capital city. Canberra registered a 50.6 per cent clearance rate across the weekend, trailed closely by Brisbane (49.6 per cent). 

Across Perth, five of 22 auction results collected so far have returned a positive result, while both of Tasmania’s two auctions were successful.

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