While total auction activity may be down, it’s forcing more competition into the market, if the latest CoreLogic figures are anything to go by.
CoreLogic economist Kaytlin Ezzy has acknowledged that auction activity was down 2 per cent across the combined capitals this week. A total of 1,883 homes were up for grabs in the week ended 6 November, a drop from the 1,921 on offer in the last week of October.
It’s also far lower than auction levels recorded at this time last year when 3,292 homes went under the hammer.
But while volumes may be down, it’s given a kick to clearance rates, with the preliminary clearance rate sitting at 63.7 per cent, the highest since late May.
That puts this week’s preliminary clearance rate 3.8 percentage points higher than last week’s preliminary clearance rate of 59.8 per cent, which was then revised to 58.8 per cent at final figures.
Sydney’s auction market was the standout this week, with 701 auctions scheduled. While it’s down -6.7 per cent on last week’s figures, it’s still notched the highest preliminary clearance rate since mid-April at more than 70 per cent (70.6 per cent).
That puts the city’s preliminary clearance rate 7.3 percentage points above last week’s preliminary clearance rate of 62.3 per cent, which was revised down to 61 per cent at final count.
Coinciding with a higher clearance rate, Sydney also saw the lowest withdrawal rate seen since mid-April that sat at just 15.5 per cent.
The NSW capital also saw the lowest portion of properties passed in at auction (14.8 per cent) since mid-February.
Melbourne did pip Sydney to the post for the highest number of auctions scheduled for the week ended 6 November, reporting 764 auctions over the seven-day period.
It’s a far cry from the 1,398 homes that were up for grabs over the same period in 2021, but a slight bump on the 602 auctions to take place over the last week of October.
Melbourne’s reporting a preliminary clearance rate of 61.9 per cent, slightly higher than last week’s preliminary clearance rate of 60.7 per cent, which was revised down to 60.9 per cent at final figures.
Brisbane (-40.7 per cent), Canberra (-29.6 per cent), and Perth (-41.4 per cent) all took hits to their auction numbers this week, while Adelaide saw a slight lift of 0.6 per cent.
Despite recording the greatest number of auctions among the smaller capitals with 156 homes auctioned, it reported its lowest clearance rate since early August of 65.5 per cent.
Canberra and Brisbane’s preliminary clearance rates have come in at 60.9 per cent and 43 per cent, respectively.
Half of the 10 auctions to take place in Perth have so far reported successful results, while Tasmania saw no auction activity across the first week of November.