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Over 2,200 homes went under the hammer last week, according to new data from CoreLogic, as spring selling season’s early momentum continues.
The week ending 10 September 2023 saw 2,285 homes auctioned off Australia-wide, representing a 19.1 per cent increase on the same week of 2022. For the third consecutive week, the nation’s preliminary clearance rate rose, this time up 50 basis points as 71.7 per cent of the 1,725 results collected so far returned a positive result.
CoreLogic posited the increase in auction successes over the weekend was driven by the portion of properties passed in at auction (19.1 per cent) falling to its lowest level in 18 months, while vendors were more bearish with the withdrawal rate up nearly 2 per cent to 9.5 per cent.
Melbourne’s auction activity exceeded 1,000 for the third consecutive week after 1,013 homes went under the hammer last week. Of the 790 results collected so far within the Victorian capital, 71.5 per cent ended successfully.
The city’s inner east, where 80.5 per cent of the 147 auctions ended successfully, was Melbourne’s strongest performing subregion, while the Mornington Peninsula, which saw just over half (53.9 per cent) of its 19 auctions end positively, was its poorest performing subregion.
Sydney saw 907 homes auctioned off last week, down six on the previous week, but approximately 30 per cent higher than this time last year. So far, 698 results have been collected, 73.4 per cent of which returned a positive result.
The NSW capital’s inner south-west was its strongest performing subregion after 85.5 per cent of its 98 auctions ended successfully. On the flip side, a preliminary clearance rate of 57.1 per cent from 38 auctions marked Sutherland as its poorest performing subregion.
Across the smaller capital cities, Adelaide hosted its busiest week since late April as 130 homes went to auction. This represents a 26.2 per cent increase on the previous week’s 103. This rise was not enough for the South Australian capital to claim the title as the busiest of the nation’s smaller markets, with Brisbane just edging it out with 132 auctions. In the national capital, 90 homes went under the hammer.
Adelaide was the nation’s most successful auction market last week with a preliminary clearance rate of 88.9 per cent reported thus far, followed by Brisbane (59 per cent) and Canberra (53.2 per cent).
In Perth, four of the 13 auctions held last week ended successfully, while no auctions went ahead in Tasmania.
Next week, CoreLogic reported 2,450 auctions are scheduled to occur across the combined capitals, signalling the continued momentum that has categorised the opening few weeks of this year’s spring selling season.
