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As auction volumes continue to rise, clearance rates have trended lower over the past week, according to new data.
The latest figures from CoreLogic found 3,384 homes were taken to auction across the combined capital cities in the week ended 27 February 2022, making it the busiest February auction week since the research house began keeping track in 2008.
However, the higher volumes saw a preliminary clearance rate of just 74.3 per cent, a slight dip from the week prior’s final rate of 74.6 per cent from 2,898 homes sold.
One year ago, results were stronger, with 79.3 per cent of 2,473 auctions recording a successful result.
Focusing on the capital cities, Melbourne emerged as the busiest market with 1,561 homes going under the hammer, resulting in a 71 per cent success. Last week recorded a better clearance rate of 74.2 per cent, which was later revised down to 73.4 per cent at final figures.
It was slightly lower than the 76.4 per cent success rate of reported auctions in the same week last year.
Sydney played host to 1,209 auctions this week, up from last week when 1,021 auctions were held and a leap from the 844 auctions which took place over the same period one year ago.
All in all, the city recorded a preliminary clearance rate of 76.9 per cent, an improvement from the 75.6 per cent the week before, which was later revised down to 71.8 per cent at final result.
Across the smaller markets, Adelaide recorded the highest preliminary clearance rate of 85.4 per cent across 208 auctions, followed by Canberra with a preliminary clearance rate of 75.7 per cent across 163 results, and then by Brisbane, which saw 72.7 per cent of its 223 scheduled auctions finding success.
Six of the nine results collected so far in Perth have been successful, while Tasmania recorded no auctions over the week.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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