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Nationally, there were more successful auctions last week than in the four weeks preceding Easter celebrations, according to CoreLogic.
Across the country, 1,704 homes went under the hammer over the week ending 16 April 2023, up from 652 over the Easter long weekend. So far, 1,333 results have been collected, with a preliminary clearance rate of 69.8 per cent reported thus far, up two percentage points on the previous week’s result, which was revised to 61.5 per cent at final reporting.
These results exceed the average preliminary clearance rate reported in the four weeks leading up to the Easter festivities (68.8 per cent), while this time last year, 62.4 per cent of auctions ended positively.
CoreLogic also reported scheduled auctions generally remain lower this year than in the first half of 2022.
Melbourne, the busiest Australian market for the week, hosted 706 auctions, up from 108 the previous week. Of the 590 results collected so far, 72.4 per cent returned a positive result, up 14.8 percentage points on the previous week’s preliminary clearance rate of 57.6 per cent.
The Victorian capital’s inner south, which held 80 auctions, 85.7 per cent of which concluded with a positive result, finished the week as the city’s strongest-performing sub-region. Conversely, the Mornington Peninsula was the poorest-performing sub-region, reporting a preliminary clearance rate of 38.5 per cent from 20 auctions.
In Sydney, 680 homes went under the hammer across the week, up from 371 the previous week, with a preliminary clearance rate of 72 per cent reported from the 522 results collected so far, up by 60 basis points.
The northern beaches were the harbour city’s strongest-performing sub-region, with 86.2 per cent of its 35 auctions returning a positive result. Meanwhile, the outer west and Blue Mountains, where exactly one quarter of the 15 auctions were successful, was its poorest-performing region.
Across the smaller capitals, Adelaide held the most auctions (122), followed by Canberra (93), and Brisbane (89). The South Australian capital recorded the highest preliminary clearance rate of the smaller capitals (70.4 per cent), followed by Brisbane’s 56.3 per cent, and Canberra’s 48.7 per cent.
In Perth, six of the nine results collected so far have been successful, while Tasmania hosted two auctions this week, with one unsuccessful result reported so far.
CoreLogic is reporting auction levels to drop slightly next week, with just under 1,500 scheduled so far across the combined capital cities. Melbourne, which is set to host 635 of those, looks likely to remain the busiest market at the conclusion of next week.
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