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Buyers continue to flock back to the market as capital cities record a preliminary clearance rate above 70 per cent for the third consecutive week.
According to CoreLogic’s data, the week ending 21 May 2023, saw 1,912 homes go under the hammer across the country, up 13.0 per cent from the 1,692 auctions held during the previous week.
So far, 75.3 percent of the 1,496 results in the combined capitals collected have returned a positive result, marking the third consecutive week where at least seven out of every 10 auctions ended in a sale.
The latest preliminary clearance rate across capitals not only marks the highest level since February 2022 but also demonstrates a significant increase compared to the 61.3 per cent success rate seen during the same period last year.
Notably, the figures are only slightly lower than the previous week’s preliminary clearance rate of 75.7 per cent, which was revised to 70.4 per cent at final figures.
Melbourne continued to be the epicentre of auction market activity, as the Victorian capital hosted 834 auctions, up 12.1 per cent from the 744 held during the previous week.
Of the 696 results reported so far, 74.4 per cent have returned a successful result, marking the sixth consecutive week the Victorian capital has registered a preliminary clearance rate above 70 per cent.
The city’s 75.7 per cent preliminary clearance rate in the previous week was revised to 70.4 per cent at final figures. This time last year, Melbourne saw 712 auctions and reported a clearance rate of 62.2 per cent.
Melbourne’s inner east was its strongest-performing sub-region after it recorded a preliminary clearance rate of 85.2 per cent from 122 auctions, while the west was named the poorest-performing sub-region after only 59.2 per cent of its 85 auctions resulted in properties changing hands.
In Sydney, 762 auctions occurred this past week, 17.2 per cent higher than the 650 held last week.
The NSW capital has recorded a preliminary clearance rate of 78.2 per cent from 605 results collected so far, marking the ninth consecutive week the city’s preliminary clearance rate has held above 70 per cent.
With a preliminary clearance rate of 88.2 per cent from 81 auctions, the city and inner west was the harbour city’s strongest-performing sub-region. On the other end of the line, Sutherland was the poorest-performing region, with only 67.4 per cent of the auctions held ending successfully.
Among the smaller capital cities, Brisbane took the lead with 121 auctions, closely followed by Adelaide with 104 and Canberra with 72.
In terms of preliminary clearance rates, the highest percentage was achieved by the South Australian capital (78 per cent), followed by Canberra (76.9 per cent) and Brisbane (63.4 per cent).
In Perth, out of the 13 results reported, seven were successful, while no auctions were scheduled in Tasmania this week.
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