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Hindered by the presence of Saturday’s federal election, auction volumes and preliminary clearance rates fell significantly throughout the country.
In light of the federal election, held on Saturday, 21 May, CoreLogic has reported that with the exception of Perth, auction activity was down heavily throughout the nation’s capital cities last week. Overall, 1,676 auctions were held during the week ending 22 May, representing a 41.8 per cent decrease from the 2,879 auctions the previous week.
From 1,343 results collected so far, 62.9 per cent returned a positive outcome with a successful sale, a decrease of 1.7 percentage points from the previous week. Following the current downward trend, this is the lowest preliminary clearance rate seen across the nation’s capital cities so far this year.
Melbourne hosted 709 auctions this past week, a 45.1 per cent decline from the previous week when 1,291 homes went under the hammer. A 61.9 per cent preliminary clearance rate (PCR) from 590 results collected so far represents the lowest PCR for the year.
Of all the city’s subregions, Melbourne’s outer east reported the highest preliminary clearance rate, 66.7 per cent, from 56 auctions. Whereas the city’s worst-performing area, the inner south, saw just 50 of the 105 auctions cleared at a rate of 58.8 per cent.
Further north, Sydney recorded its quietest week since the Easter long weekend, with 535 auctions hosted during the seven-day stretch. Despite the 43.4 per cent decrease in volume from the previous week, the harbour city’s preliminary clearance rate rose to 61.7 per cent. For the fifth week in a row, the city’s withdrawal rate hovered around the 20 per cent mark.
Parramatta, in Sydney’s west, recorded the highest preliminary clearance rate for the week, with 82.4 per cent of the 22 total auctions selling. The Baulkham Hills and Hawkesbury region’s preliminary clearance rate of 35 per cent from 24 auctions represented the worst-performing subregion in the city.
Throughout the rest of the nation’s major cities, Canberra reported the highest preliminary clearance of 76 per cent, consistent with the rate registered in the previous week. The nation’s capital achieved this high rate from 91 auctions. Adelaide hosted the most auctions among the rest of the smaller capitals, with the South Australian centre hosting 196 auctions for the week, with a preliminary clearance rate of 68 per cent. Brisbane recorded a preliminary clearance rate of 62.9 per cent from 127 auctions for the week.
Additionally, three of Perth’s 12 auctions last week recorded a successful result, with Tasmania hosting no auctions for the week.
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