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Winter temperatures failed to dampen auction market activity, as capital cities recorded a preliminary clearance rate above 70 per cent for the seventh consecutive week.
According to CoreLogic’s data, the week ending 18 June 2023 saw 1,951 homes go under the hammer across the country — the highest number of auctions held in 11 weeks.
So far, 72.5 per cent of the 1,483 results in the combined capitals collected have returned a positive result, marking the seventh consecutive week where at least seven out of every 10 auctions ended in a sale.
This week’s preliminary clearance rate was 10 basis points higher than last week’s preliminary clearance rate (72.4 per cent), which later revised to 68.2 per cent at final figures.
Melbourne continued to be the epicentre of auction market activity, as the Victorian capital played host to 863 auctions. Of the 705 results reported so far, 72.9 per cent have returned a successful result.
The figures mark the Victorian capital’s lowest preliminary clearance in eight weeks and are also down 80 basis points from the previous week’s preliminary rate of 73.7 per cent, which revised to 68.7 per cent at final tally. This time last year, the city saw 1,266 auctions and reported a clearance rate of 55.7 per cent.
Melbourne’s outer east was its strongest-performing subregion after it recorded a preliminary clearance rate of 91.9 per cent from 50 auctions, while the West was named the poorest-performing subregion after only 55.2 per cent of 82 auctions scheduled in the area resulted in properties changing hands.
In Sydney, 772 auctions occurred this past week, the highest number in 11 weeks, which may have been impacted by last week’s public holiday.
The NSW capital’ preliminary clearance rate of 78.2 per cent from 581 results collected so far, the lowest in seven weeks. Notably, the figures are also 1.4 percentage points below last week’s preliminary clearance rate of 75.9 per cent, which were revised to 72.2 per cent at final numbers.
With a preliminary clearance rate of 88.6 per cent from 52 auctions, Northern Beaches was the harbour city’s strongest-performing subregion.
On the other hand, the Southern area was Sydney’s poorest-performing region with only 45.2 per cent of the 48 auctions held ending successfully.
Brisbane emerged as the leader among the smaller capital cities, hosting 138 auctions, closely followed by Adelaide with 109 and Canberra with 52.
Compared to the same period last year, the combined smaller capitals experienced a significant increase in auction volumes, with a rise of 47.8 per cent with a total of 467 auctions.
In terms of preliminary clearance rates, Canberra achieved the highest per centage at 70.3 per cent.
Adelaide witnessed a decline in its preliminary clearance rate by -15.8 per centage points this week, settling at 67.9 per cent while Brisbane observed a positive trend with its preliminary clearance rate increasing by 7.2 per centage points week on week to reach 66.0 per cent.
Across Perth, three of the six results collected to date were successful, while two of the four results collected in Tasmania during the week were successful.
With almost 1,800 auctions currently scheduled, CoreLogic forecasts capital city auction activity to decline by around 10 per cent on a weekly basis.
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