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CoreLogic’s data has revealed national auction activity rose last week; however, conditions dictate it remains well below 2021 levels.
Australia-wide, auction levels rose 4.1 per cent to 2,393 for the week ending 27 November 2022, marking the busiest week since the middle of June, although this remains 43.7 per cent below the same week last year when 4,251 homes went under the hammer across the country. Meanwhile, preliminary clearance rates headed the opposite direction falling 1.6 per cent to 61.5 per cent from 1,824 results collected so far.
Melbourne held the most auctions across the week (987), a slight decrease from the 1,008 the previous week. So far, 774 results have been collected, with 61 per cent successful — down -4.5 percentage points on the week prior.
The city’s best-performing subregion was the south-east, where 113 auctions were held, with 74.2 per cent returning a positive result. Whereas Melbourne’s west was the weakest-performing subregion, recording a preliminary clearance rate of 40.9 per cent from 118 total auctions.
There were 19.9 per cent more auctions held in Sydney this week as opposed to last, with 933 auctions held across the harbour city, marking the busiest week in the city since late May’s 1,109. Of the 740 results collected to this point, 64.2 per cent have been successful, down from 67.5 per cent the week before.
Sydney’s inner south-east was its strongest-performing subregion, as 75.3 per cent of 102 auctions were successful, whereas the outer west and Blue Mountains area experienced the weakest results, as 19 auctions mustered a 31.3 per cent preliminary clearance rate.
Across the smaller capital cities, Brisbane held the most auctions with 154, closely followed by 152 in Canberra and 148 in Adelaide. The latter posted the strongest preliminary clearance rate of 65.9 per cent, followed by 62.8 per cent in the national capital and 47.4 per cent in Brisbane.
In Perth, three of the eight results collected so far have been successful, while all of Tasmania’s three auctions were unsuccessful.
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