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Plummeting auction rates are not enough to deter buyers, as clearance rates rise in the face of falling volume.
A 14.4 per cent reduction on last week’s 1,881 auctions has meant that 1,610 homes went under the hammer in the week ending 10 July. Lower auction figures not only represent a decrease from the week prior but also from the same time last year, when 2,104 auctions were held.
In spite of the lower level of activity, lower numbers have supported auction action, with CoreLogic having reported that preliminary clearance rates rose once again, to 58.6 per cent.
This follows last week’s low point — with the week ending 3 July resulting in a preliminary clearance rate of 55 per cent, which was revised down to 53.2 per cent at final count — the lowest rates reported since April 2020.
In Sydney, the nation’s busiest capital, volume was down 19.3 per cent from the previous week, with 756 auctions held across the harbour city. A week of wild weather, which caused severe flooding in parts of the city’s west and south-west also caused auction activity to be down 8.4 per cent from the initial estimate of 666.
From 610 results collected, 487 results have returned as positive, representing a preliminary clearance rate of 57.5 per cent and a 5-percentage point increase on last week’s 52.5 per cent.
The North Sydney and Hornsby region recorded the worst preliminary clearance rate (49.2 per cent) in the city, while the inner west reported a 77.5 per cent success rate from 43 auctions.
Down south, Melbourne played host to 603 auctions during the seven-day period, a decline of 7.8 per cent from the 654 seen the week prior and 44 per cent on this time last year. A total of 500 results have been collected so far, with 59.4 per cent of those reported as successful, a 2.6 per cent increase on the previous week’s 56.8 per cent.
The Victorian capital’s outer east was its strongest performer, registering a preliminary clearance rate of 75.6 per cent from 51 total auctions, whereas the city’s west, where just 46 per cent of the 88 auctions were successful, was its weakest subregion.
Among the smaller capital cities, Adelaide was the busiest. The South Australian capital played host to 159 auctions throughout the week, with its preliminary clearance rate of 68.6 per cent matched by Canberra, although the national capital only hosted 88 auctions.
In Brisbane, CoreLogic reported a total of 143 auctions, with the Queensland capital recording its lowest preliminary clearance rate, 43.6 per cent, since the middle of November 2020 (36.4 per cent).
Of the three results collected in Perth so far, zero have been reported as successful, while one of the two Tasmanian auctions registered a positive outcome.
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