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Despite more auctions occurring this week across the country since the end of May, CoreLogic explained no other week had returned less successful results than the one ending 24 July.
Australia-wide, 2,667 homes went under the hammer last week due to a 5.1 per cent week-on-week activity increase. So far, 2,024 results have been collected, with 57.9 per cent returning a positive result, marking the lowest preliminary clearance rate registered since late July, according to CoreLogic.
This week’s clearance rate represents a 4 per cent decrease on the 61.9 per cent from a week prior, with this figure revising to 57.8 per cent by week’s end. Once the remaining results are collected, this week is likely to mark the third consecutive week final clearance rates have fallen below 60 per cent.
After a 2.1 per cent activity increase, Melbourne staked its claim as Australia’s busiest capital city this week, having held its busiest auction week since mid-June (1,266); however, volume remains 49 per cent below levels reported during the same period last year.
With 946 auctions collected so far, 59.4 per cent have returned a successful result, down 3 per cent on the previous week’s 62.4 per cent, which ended the week at 58.6 per cent.
Melbourne’s south-east was its most successful subregion, with 75 per cent of its 114 auctions returning a positive result. Conversely, the Mornington Peninsula, which mustered a 38.1 per cent preliminary clearance rate from 34 auctions, was the city’s weakest-performing subregion.
Australia’s second-busiest city, Sydney, hosted 960 auctions this week due to a 7.7 per cent activity increase. Currently, 735 results have been returned, with 58.5 per cent of those returning a successful result, marking a 6.3 per cent decrease in preliminary clearance rate from the 64.8 per cent recorded a week earlier.
The city’s outer south-west saw an overwhelming majority of its 15 auctions (91.7 per cent) return a positive result, while Sydney’s south-west’s 47.1 per cent preliminary clearance rate from 55 auctions marked it as the weakest-performing subregion.
Adelaide was the busiest smaller capital city market with 189 auctions, as well as the most successful with a preliminary clearance rate of 65.5 per cent. Of the 180 homes that went under the hammer across Brisbane, 41 per cent returned a positive result.
Meanwhile, 57.1 per cent of Canberra’s 142 auctions achieved a successful result. Just one of the eight results collected in Perth so far has been positive, while neither of Tasmania’s two auctions has reported a result yet.
CoreLogic’s forecasting 2,300 homes to go to auction next week before the seasonal slowdown gets underway.
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