Login
iscover
Warmer weather and rising auction volumes have categorised the opening week of 2023’s spring selling season, according to new figures from CoreLogic.
The week ending 3 September 2023 saw activity across the country inch above last week as the busiest auction week since before Easter. According to CoreLogic, last week saw 2,278 homes go under the hammer across the country.
So far, 1,810 results have been collected with 71.2 per cent reporting a successful result, marking the second consecutive week the nation’s preliminary clearance rate eased. The week-to-week preliminary clearance rate decline of 80 basis points was primarily driven by an increase in the withdrawal rate to 9.5 per cent.
Melbourne remained Australia’s busiest market this week even after a 7.6 per cent activity decline resulted in 991 homes going under the hammer across the Victorian capital. For the second consecutive week, the city’s preliminary clearance rate eased with 69.3 per cent of the 800 results collected so far ending successfully.
The city’s inner east was Melbourne’s strongest-performing subregion after 82.2 per cent of its 126 auctions ended positively. Conversely, the Mornington Peninsula was the city’s poorest-performing subregion, recording a preliminary clearance rate of 58.8 per cent from 18 auctions.
Sydney hosted its second-busiest week of the year with 933 homes auctioned off across the harbour city last week. Of the 757 results collected so far, 73.8 per cent ended successfully. This is the city’s lowest preliminary clearance rate in four weeks.
Sutherland was the NSW capital’s strongest-performing subregion with a preliminary clearance rate of 85.7 per cent from 36 auctions, while its south-west, where 47.6 per cent of the 35 auctions ended successfully, was the city’s poorest-performing subregion.
Across the smaller capital cities, activity rose 8.3 per cent even in the face of strong declines in Adelaide (18.3 per cent) and Perth (20 per cent). These decreases were offset by increases in Brisbane (31.4 per cent) and Canberra (15.9 per cent). The Queensland capital was the busiest of the smaller markets with 159 homes auctioned off last week, followed by Adelaide’s 103 and Canberra’s 95.
The South Australian capital registered the highest preliminary clearance rate (82.2 per cent), followed by Brisbane (66.7 per cent) and Canberra (63.6 per cent).
In Perth, two of the five results collected so far have recorded a positive result, while the one auction held in Tasmania last week was successful.
As we enter the second week of spring, CoreLogic reports auction activity is set to rise again, with around 2,400 homes currently scheduled for auction already.
You are not authorised to post comments.
Comments will undergo moderation before they get published.