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Fewer Melbourne auctions over Labour Day and weather disruptions in Brisbane from Ex-Tropical Cyclone Alfred led to declining auction clearance rates for the week ending 9 March.
CoreLogic’s latest Property Market Indicator Summary showed that preliminary auction clearance rates across Australia’s combined capital cities fell to 69.6 per cent last week.
This marks the second consecutive week where the early clearance rate has remained below 70 per cent.
Auction activity also declined, with only 1,629 auctions held nationwide compared to 2,749 the previous week.
Sydney recorded the highest number of auctions with 871 properties under the hammer last week.
Preliminary results in Sydney indicated a 70.7 per cent success rate, down from 71.4 per cent the previous week, marking the lowest preliminary clearance rate in five weeks.
With the Labour Day long weekend, only 496 homes were auctioned in Melbourne last week, a significant drop from 1,381 the previous week.
Melbourne’s preliminary results showed a 70.5 per cent clearance rate, which was in line with the previous week’s 70.3 per cent. However, the final figures were later revised to 62.8 per cent.
Brisbane recorded 82 auctions last week, down from the scheduled 148, with auctions being postponed due to Cyclone Alfred.
Despite the disruptions, the preliminary clearance rate in Brisbane rose to 57.6 per cent, up from 55 per cent the previous week, which was later revised to 53 per cent.
Adelaide had 105 auctions last week, with a preliminary success rate of 61.3 per cent, the lowest recorded since November 2022.
In Canberra, 62 auctions were held, achieving a 75 per cent preliminary clearance rate, the highest since June 23 last year.
Perth recorded 12 auctions with a 69.2 per cent preliminary clearance rate, while Tasmania only held one auction.
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