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Despite a significant increase in auction volumes over the week, last week’s auction results returned the lowest preliminary clearance rate in nearly a year.
An 83.2 per cent increase in auction volume, which took the number of homes under the hammer nationwide to 2,526, could not prevent last week’s preliminary clearance rate from slipping to 57.8 per cent, the lowest since August last year.
This figure is lower than the previous week’s 58.5 per cent, which was revised down to the lowest final clearance rate (54.5 per cent) since July 2020.
Melbourne was the busiest city, hosting 1,264 auctions last week as opposed to 450 the week prior. So far, 1,016 results have been collected, with 57.9 per cent of those netting a positive result for vendors, a slight increase from the previous week’s rate of 57.4 per cent. Last week’s figure finalised at 52.4 per cent, the lowest rate for the city since September 2021.
The city’s north-east was its most successful subregion, returning a preliminary clearance rate of 63 per cent from 157 total auctions, while the Mornington Peninsula, where only 52.6 per cent of the 25 auctions recorded a positive result, was the worst-performing region.
In Sydney, there was a jump in the number of auctions conducted throughout the Harbour city last week, with 793 held across the city during that period. With 55.4 per cent of the city’s 624 collected results registered as successful, it represents the lowest preliminary clearance rate in the city since April 2020. CoreLogic is reporting that it’s possible Sydney could see final clearance rates slip into the 40 per cent range, although this remains unlikely.
The Sutherland region was the city’s strongest performer, recording a preliminary clearance rate of 71 per cent from 44 auctions across the week.
The Blacktown region was the worst performer, with 27.3 per cent of the area’s 19 auctions collecting a positive result. Additionally, two other subregions, the south-west and the Baulkham Hills and Hawkesbury areas, both recorded preliminary clearance rates of below 35 per cent.
Among the rest of the national capitals, Adelaide reported the highest preliminary rate (70 per cent) from its 179 auctions, making it both the most successful and the busiest of all the remaining capitals.
Of the 101 auctions held in Canberra last week, 64 per cent have returned a positive result so far, while Brisbane has seen a preliminary clearance rate of 52.2 per cent from 174 auctions.
Perth hosted 14 auctions and Tasmania just one, with neither city having reported any results so far.
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