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The winter season continues to be unusually busy for capital city markets, as clearance rates remain above 70 per cent and volumes continue to rise.
CoreLogic’s data showed the week ending 23 July 2023 saw 1,729 homes go under the hammer across major capital cities, returning a preliminary auction clearance rate of 70.7 per cent.
Despite three weeks of decline in the preliminary clearance rate, the figures marked the 12th consecutive week where at least seven out of every 10 auctions ended in a sale.
And while auction activity is slowly starting to pick up across the capital cities, Duane Kaak, research analyst for CoreLogic Australia, noted current volumes remain lower than this time last year when 1,812 auctions were held.
There were 668 auctions conducted in Melbourne during the week, marking a consistent four-week rise in the number of homes being auctioned.
However, the Victorian capital’s preliminary clearance rate experienced a decline during the period, hitting 68 per cent based on 535 collected results – the lowest recorded since the Easter weekend and represents the first instance in 14 weeks where the initial clearance rate dipped below 70 per cent.
The city’s Inner East, where 79.6 per cent of the 71 auctions ended successfully, was Melbourne’s strongest performing subregion. Meanwhile the Mornington Peninsula, where only 52.4 per cent of 24 properties that went under the hammer resulted in a sale, was its poorest performing region.
Sydney was host to 699 auctions this week with preliminary results showing a clearance rate of 74.2 per cent from 535 results collected, down only 70 basis points from last week’s preliminary result of 74.9 per cent.
The harbour city’s eastern suburbs were the most successful subregion after 80.7 per cent of its 42 auctions ended successfully.
On the flip side, just 52.2 per cent of Baulkham Hills and Hawkesbury’s 34 auctions recorded a positive result, making it Sydney’s poorest performing subregion.
Across the smaller auction markets, Brisbane saw the most number of auctions at 168, supported by a large in-room event on Saturday morning. The Queensland capital’s average preliminary clearance rate rose 6.3 percentage points this week to 66.1 per cent.
Adelaide was the next busiest smaller capital, with 115 auctions held, and recorded the strongest preliminary clearance rate among the capitals at 74.6 per cent.
Canberra was host to 67 auctions and recorded a 71.7 per cent success rate, while in Perth 12 auctions were scheduled and four have so far been recorded as successful. For the meantime, there were no scheduled auctions in Tasmania this week.
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