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It was still a record-breaking result for the week ending 12 December 2021, despite auctions not hitting the magic 5,000 milestone.
Last week, REB reported on CoreLogic’s forecast for 5,039 auctions to take place over the seven-day period – which would eclipse a fortnight earlier as the busiest week for auctions since the research group started collecting results back in 2008.
While preliminary results have shown that the eventual number of auctions was just shy of the 5,000 predicted, agents across Australia’s capitals have still seen a whopping 4,970 homes go under the hammer across the week.
The previous all-time record of 4,153 auctions in one week was achieved just two weeks ago.
The current enthusiasm for auctions sits in stark comparison with the same time last year when just 2,580 homes were up for grabs.
Higher volumes have unsurprisingly had an impact on the clearance rate. From 4,036 results collected so far, CoreLogic has reported a 66.6 per cent success rate – the lowest since late August.
It’s likely to fall further, given the previous week saw a preliminary clearance rate of 69.9 per cent off the back of a far lower number of auctions, which fell in the final clearance rate to 66.3 per cent.
Melbourne reported its busiest week ever on record, with 2,309 homes taken to auction – and returning a preliminary clearance rate of 65.3 per cent.
Numbers were up from the 1,912 homes available at auction just one week prior when the preliminary clearance rate was 69.4 per cent – which was then revised down to 65.3 per cent.
Sydney also had its busiest week ever, overtaking the week ending 30 November 2014 for the most auctions on record.
A total of 1,797 homes went under the hammer, with preliminary reports suggesting a clearance rate of 63.6 per cent. Keeping with wider trends, it’s a drop from last week’s preliminary clearance rate of 67.3 per cent off 1,466 total auctions – which then dropped to 63.8 per cent at final figures.
According to CoreLogic, it’s the lowest preliminary clearance rate reported in 2021, leading to the research group to acknowledge that “it is possible that the final clearance rate may fall below 60 per cent for the first time since August 2020”.
Not to be outdone, Adelaide, Brisbane and Canberra reported record-breaking figures – with far better success rates too.
Adelaide recorded the highest preliminary clearance rate at 83.7 per cent off the back of 309 auctions, while Canberra achieved a clearance rate of 75.7 per cent from 217 auctions.
Up in Brisbane, a total of 305 auctions took place, with more than seven in 10 vendors finding success (72.6 per cent).
Just 26 auctions took place in Perth, which has recorded a preliminary clearance rate of 27.3 per cent, while three auctions in Tasmania have posted successful results, with four results yet to be reported to CoreLogic.
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