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Is summer the new spring? This week overtook last as the second-busiest auction week in Australia.
CoreLogic revealed that the week ending 10 December 2023 saw 3,110 home auctions across the country’s combined capital cities, with the major auction markets of Melbourne and Sydney leading the charge.
While auction numbers stayed high, the clearance rate dropped to 66.9 per cent, a lowering which CoreLogic economist Kaytlin Ezzy suggested was “driven by vendors”, with 12.6 per cent of the results collected so far being withdrawn – the highest withdrawal rate of 2023 so far.
Both Sydney and Melbourne saw their second-busiest auction week of the year. In Sydney, 1,110 properties went under the hammer, but just 66.3 per cent of the city’s auctions ended in a sale – the lowest preliminary clearance rate this year.
Meanwhile, Melbourne hosted 1,432 auctions but saw the preliminary clearance rate lift slightly to 64.6 per cent. Ms Ezzy predicted that the final clearance rate for Melbourne will sit at about 60 per cent once all the results are in.
In Australia’s smaller capital cities, Brisbane saw the highest number of auctions (218) but Adelaide was the most successful auction market, with over 80 per cent of its 191 auctions ending with property sales.
Canberra hosted 137 auctions with an early clearance rate just over 60 per cent, and seven of Perth’s 22 auctions ended in a sale.
As the nation looks towards a long, hot summer, the auction’s fervour is set to continue for another week, with around 2,900 auctions scheduled for this week. It is then expected to peter out as Australians get ready for end-of-year festivities, with CoreLogic expecting just 500 auctions in the week prior to Christmas.
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