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Three in four auctions across Melbourne were successful this week, the city’s highest preliminary clearance rate since mid-October 2021 (80.1%).

Posted by Nathan McCullum on 06/01/2023

Capital city auction activity rebounded this week, with 1,730 homes taken to auction across the combined capitals.

Auction volumes were -16.8% lower last week (1,440), with the Tuesday Anzac Day holiday acting as an unofficial long weekend, while this time last year, 2,699 capital city homes went under the hammer in the last full auction week prior to the RBA’s first rate hike in the current tightening cycle (3rd May 2022). With 1,334 results collected so far, the combined capital’s preliminary clearance rate fell 60 basis points to 69.2%, with the preliminary clearance rate holding above 69% for the third week consecutive week. The previous week saw a preliminary clearance rate of 69.8%, revised to 64.9% at final numbers, while this time last year, 62.9% of capital city auctions were successful.

Capital City Auction Statistics (Preliminary)

Melbourne was the busiest auction market this week, with 729 homes auctioned across the city, up 15.9% compared to the 629 held the previous week. Melbourne’s preliminary clearance rate came in at 77.7%, with 610 results collected so far, its highest preliminary clearance rate since mid-October 2021 (80.1%). Last week’s preliminary clearance rate was -6.1 percentage points lower at 71.6%, revising down to 68.0% at final numbers. Over the same week last year, Melbourne hosted 1,290 auctions, and a clearance rate of 63.7% was reported.

Weekly clearance rate, combined capital cities

Sydney was host to 570 auctions this week, compared to 574 last week and 914 this time last year. Of the 444 results collected so far, 70.7% have been successful, down 10 basis points from the previous week’s preliminary clearance rate (70.8%), which revised down to 65.1% at final figures. This marks the seventh consecutive week that Sydney’s preliminary clearance rate has held above the 70% mark. The slight decline in the clearance rate saw Sydney’s’ withdrawal rate rise to 16.7%, while the portion of properties passed in at auctions fell to 12.6%. Over the same week last year, 58.2% of reported auctions were successful.

Capital City Auction Statistics (Preliminary)

Across the smaller capitals, both Adelaide and Brisbane saw auction numbers more than double this week, while Canberra recorded a -12.5% week-on-week decline. Brisbane hosted the most auctions across the smaller capitals, with 201 homes auctioned this week, followed by Adelaide (152) and Canberra (56). Canberra (67.5%) overtook Adelaide (62.5%) with the highest preliminary clearance rate across the smaller capitals, with Canberra recording a 5.3 percentage point rise week-on-week, while Adelaide recorded a -23.2 percentage point decline. Brisbane’s preliminary clearance rate fell -10.2 percentage points compared to last week, with 43.0% of this week’s auction recording a successful result. In Perth, seven of the 15 results collected so far were successful, while the two-results collected in Tasmania were unsuccessful.

Sub-region auction statistics (preliminary)

Auction activity is set to rise again next week, with just over 1,800 auctions currently scheduled.

Source Corelogic

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