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This week’s auction figures were down by approximately 600 across the country.
According to the latest preliminary figures from CoreLogic, 2,635 homes went to auction across the combined capital cities last week, down from 3,226 the week prior. Even with a smaller volume, it wasn’t enough to sway potential purchasers to make a move, with the preliminary clearance rate also falling to just 62.3 per cent.
It means the final clearance rate is once again expected to fall below 60 per cent.
For the third week running, Melbourne was the busiest city in the country for auctions, with 1,235 homes going under the hammer in the Victorian capital, down from 1,478 the week prior. From 1,006 auction results counted so far, 61.2 per cent have been successful, a drop on the 62.9 per cent from the previous week.
The city’s inner east reported a preliminary clearance rate of 69.6 per cent from 145 auctions to be Melbourne’s best-performing subregion, while its north-east performed worst, registering a preliminary clearance rate of 53.4 per cent of 139 auctions achieving a positive result.
In Sydney, auction volume fell below 1,000 once more, with 915 properties up for grabs across the week in the harbour city, down from the 1,109 the week prior. Preliminary clearance rates also fell, down to 59 per cent from 62.8 per cent last week.
Ryde was the city’s best-performing region, hosting 38 auctions with 74.1 per cent achieving a positive result so far. It was a different story in Baulkham Hills and the Hawkesbury, which only achieved a 46.9 per cent preliminary clearance rate from the 47 homes up for sale.
Across the smaller capital cities, Adelaide recorded the highest preliminary clearance rate of 75.8 per cent from 211 auctions, making it both the most successful and the busiest behind Sydney and Melbourne. Canberra saw 125 homes go under the hammer, with a preliminary clearance rate of 71.1 per cent, and Brisbane hosted 133 auctions for a preliminary clearance rate of 65.2 per cent.
Perth held just 15 auctions and Tasmania had just a single home go under the hammer across the week.
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