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More than 3,000 homes were taken to auction over the past week, giving 2022 its second-busiest transaction period so far.
According to CoreLogic, for the week ending 20 March 2022, a total of 3,062 homes went under the hammer.
It was a 50 per cent lift on the previous week when just 2,054 homes were available for auction – a lull that had been attributed to public holidays falling across half of Australia’s states and territories.
At this stage, CoreLogic has collected 2,479 results to arrive at a preliminary clearance rate of 69.8 per cent.
It’s the first time the preliminary clearance rate has fallen below 70 per cent since 23 January 2022. The research giant expects that once final figures are collected, the final clearance rate will hold below 70 per cent – for the third consecutive week.
Melbourne once again took the lead for activity from Sydney, reporting 1,504 auctions over the seven-day period. It’s a drastic lift from the 608 auctions that took place in the week ending 14 March – and also marks an uplift from the 1,322 auctions that took place over the same period in 2021.
So far, CoreLogic is reporting a preliminary clearance rate of 68.9 per cent – a dip from the preliminary clearance rate of 71.9 per cent reported just one week prior (which then revised down to 68.6 per cent at final figures).
The market is clearly changing, given the clearance figure reported over the same period in 2021 across the Victorian capital was 78.8 per cent.
Sydney once again achieved auction figures above 1,000 homes. A total of 1,005 homes were up for grabs – on par with last week’s 1,008 auctions.
Despite the consistent activity, the clearance rate was down slightly week-on-week; Only 69.7 per cent of the 824 results so far collected found buyers on the day. Last week, the harbourside city reported a preliminary clearance rate of 70.4 per cent, which had revised down to 67.1 per cent at final figures.
Over the same period in 2021, the city was reporting an 85 per cent clearance rate.
Adelaide has maintained its stellar start to 2022, reporting a preliminary auction clearance rate of 83.6 per cent off the back of 195 auctions. In Canberra, more than three-quarters of the 150 total auctions offered their vendors success – at 76.2 per cent.
Brisbane buyers appear skittish at the minute – reporting a preliminary clearance rate of just 61.2 per cent from 189 total auctions.
A change in sentiment is also notable in Perth, which is so far reporting a clearance rate of just 41.7 per cent from 12 results. The city saw just 19 auctions take place over the same period.
No auctions were held in Tasmania.
