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Australia’s capital cities made a strong auction comeback from the low of the previous week, according to CoreLogic.
The property auction market is back in business, with CoreLogic’s latest data recording a strong recovery from the long weekend lull. The week ending 1 October had witnessed a sharp decline from the energy of recent months, with public holidays across five states and territories putting the brakes onto auction activity.
But the week ending 8 October saw a strong return, with a total of 2,436 homes going under the hammer across the country’s capital cities.
A total of 1,138 auctions brought Melbourne above the 1,000 mark for the fifth time in seven weeks. This marks a monumental jump from the scant 203 auctions held the weekend of the AFL grand final, and makes the Victorian capital the busiest auction market of all the nation’s major cities over the week ending 8 October 2023.
Sydney held 918 auctions over the previous seven days, up nearly 30 per cent from last week’s 714 homes under the hammer. Despite the boost in supply, clearance rates in Sydney did not fare so well, with a preliminary clearance rate of 69.7 per cent making this the first week in over two months that the city’s clearance rate fell beneath 70 per cent. Still, this remains a steady improvement from this time last year, when only 59.4 per cent of auctions ended in vendor success.
Adelaide and Canberra both experienced a rise of almost 50 per cent in activity compared to the week prior. With a total of 124 auctions, 80.8 per cent of which ended in success, and Adelaide recorded the strongest preliminary clearance rate of the smaller capitals. Over seven in 10 of Brisbane’s 134 auctions ended with a sale, but Canberra’s vendors were less successful, with a preliminary clearance rate of just 56.5 per cent.
In Perth, two of the city’s six auctions had a successful result, and one of Tasmania’s three auctions resulted in sales success.
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