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Despite a decline in auction activity across the country, clearance rates have once again leapfrogged 70 per cent.
According to CoreLogic data, 2,050 homes went under the hammer across the week ending 5 March, down 15.6 per cent from last week’s 2,429. So far, 1,634 results have been collected, with 70.3 per cent of those reporting a successful result, up from 69.7 per cent last week, which was revised down to a final clearance rate of 66.8 per cent.
Even though this week’s final clearance rate is expected to drop below 70 per cent, the research firm noted the figure would likely hold in the high 60 per cent range for the third week running.
Auction clearance rates have begun the new year at a higher rate relative to late last year, accompanied by a flattening in the rate of decline in housing values in most cities, although CoreLogic noted it remains to be seen whether this performance can be maintained in the face of further cash rate increases.
Melbourne remained the busiest capital city, with 918 homes taken to auction. While this marks a decrease from last week’s 1,161, 71.2 per cent of the city’s 753 results returning a successful result is the highest preliminary clearance rate recorded since the week ending 17 April 2022.
With 79.6 per cent of its 54 auctions returning a positive result, the outer east was the city’s best-performing sub-region, while the Mornington Peninsula’s 61.5 per cent marked it as the weakest performer.
In Sydney, 787 homes went under the hammer, down from last week’s 859. Despite a week-on-week volume decline, it was still the second busiest auction week for 2023. So far, 637 results have been collected, with 72.1 per cent of those being positive, up from 71.8 per cent last week. CoreLogic anticipates a final clearance rate similar to last week’s 68.7 per cent will be recorded later this week.
Ryde’s 83.3 per cent preliminary clearance rate from 31 auctions ranks it as the harbour city’s strongest performing sub-region, while the Central Coast, where 36.4 per cent of the 16 auctions returned a positive result, saw it end the week as the city’s worst performing area.
Adelaide reported the strongest preliminary clearance rate of any Australian capital city, with 80.8 per cent of the city’s 119 auctions returning a positive result, followed by Brisbane’s 63 per cent from 109 auctions.
The national capital, Canberra, hosted 107 auctions, with 51.9 per cent of those ending in success.
Meanwhile, seven results have been collected so far in Perth, with none of those successful. The one home taken to auction in Tasmania found a buyer under the hammer.
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