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Easter long-weekend interruptions meant significantly fewer homes went under the hammer this week when compared to the year-high performance recorded a week earlier.
According to CoreLogic, 660 homes went to auction across the country over the week ending 9 April, 2022, down from 2,687 a week prior. So far, 489 results have been collected, with 67.8 per cent of those returning a successful result, down 2.9 per cent on the previous week’s 70.7 per cent preliminary clearance rate, which was revised to 62.5 per cent at final reporting.
Sydney was Australia’s busiest market over the long weekend, with 375 homes going to auction in the nation’s most populous city, down markedly from the 1,017 from a week earlier. A preliminary clearance rate of 71.4 per cent has been recorded from the 304 results collected so far.
The inner west, where 90 per cent of the 25 auctions returned a positive result, was the harbour city’s most successful sub-region. Conversely, the Sutherland region, which reported a preliminary clearance rate of 43.3 per cent from 33 auctions, was the weakest-performing sub-region across the city.
Slightly more than a century of auctions (110) took place in Melbourne across the week, down over 1,000 on the previous week’s volume. So far, 66 results have been collected, with 57.6 per cent of these returning a positive result, marking a 13.6 per cent preliminary rate decrease on the week earlier. It is the lowest preliminary clearance rate recorded in the Victorian capital since the week ending 24 July 2022.
In the city’s inner south, 83.3 per cent of the 12 auctions returned a positive result, while Melbourne’s west, which recorded a preliminary clearance rate of 46.7 per cent from 26 auctions, was the city’s poorest-performing sub-region.
Across Australia’s smaller capitals, Brisbane was the busiest, hosting 78 auctions, followed by Adelaide (48), and Canberra (45). The national capital experienced more successful results (77.1 per cent) than any other market, followed by Adelaide (75 per cent), and Brisbane (58.3 per cent).
Just four auctions were held in Perth, none of which were successful, while no homes were taken to auction in Tasmania.
CoreLogic is expecting an activity rebound to occur next week, with slightly less than 1,800 homes presently scheduled for auctions across the combined capitals, though the research firm notes activity is likely to trend lower as Australia’s property markets enter the winter season.
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