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Auction volumes nearly halved last week as most states celebrated the Queen’s birthday long weekend.
The annual celebration meant that just 1,393 homes went under the hammer across the national capitals this past week, as opposed to the 2,644 the week prior. These figures are consistent with those of the Queen’s birthday festivities in 2021, when 1,413 homes were taken to auction nationally.
So far, 1,116 results have been collected, with initial reports showing a preliminary clearance rate of 58.5 per cent, a significant decline from the previous week’s 62.3 per cent. CoreLogic has predicted that for the third week in a row, national final clearance rates will remain firmly below 60 per cent, with the firm outlining these results are the lowest preliminary clearance rates in four of the national capitals and are reflective of the difficult sales period currently facing vendors.
Melbourne held 446 auctions across the week, down from the 1,245 from a week earlier. So far, 366 results have been collected, with 57.4 per cent reported as successful, down from a preliminary clearance rate of 61.2 per cent for the week ending 5 June.
The Victorian capital’s inner west was its best-performing subregion, recording a preliminary clearance rate of 80 per cent, while both its west and north-west, with a preliminary clearance rate of 46.5 per cent, were the city’s two worst-performing areas.
Meanwhile, in Australia’s most populous city, Sydney, 552 auctions were held over the Queen’s birthday, a drop of 360 homes from the week prior. Of the harbour city’s 465 results so far, 58.1 per cent have been successful, down on the previous week’s preliminary clearance rate of 59 per cent.
Sydney’s south-west reported the highest preliminary clearance rate of any of its subregions, at 73.1 per cent, while Parramatta in its west has recorded the lowest preliminary clearance rate (39.3 per cent).
Throughout the nation’s smaller capitals, Brisbane was the busiest, with the Queensland capital hosting 161 auctions during the week, with a preliminary clearance rate of 48 per cent, making it the least successful of them all.
Adelaide was the second busiest of the smaller capitals, with 145 homes going under the hammer despite the celebrations. Of these results, 78.7 per cent have been reported as successful, making Adelaide by far the most successful city in terms of results collected in the nation.
The nation’s capital, Canberra, held 68 auctions with a preliminary clearance rate of 59.2 per cent, while 31.6 per cent of Perth’s 21 auctions were successful. In Tasmania, no auctions were held across the week.
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