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Australia’s two largest auction markets, Melbourne and Sydney, record preliminary clearance rates above 70%

Posted by Nathan McCullum on 06/03/2023

There were 2,050 homes taken to auction across the combined capital cities this week, down -15.6% from last week (2,429), and -31.2% lower than this time last year (2,979).

Of the 1,634 results collected so far, 70.3% were successful, up 60 basis points from last week’s preliminary clearance rate of 69.7%, which revised down to 66.8% at final figures. While the clearance rate will revise lower once remaining results are collected, it will likely hold around the high 60% range for the third consecutive week.

Capital City Auction Statistics (Preliminary)

In Melbourne, 918 homes were taken to auction this week, down from 1,161 last week making it the second busiest week for auctions so far this year. Of the 753 results collected so far, 71.2% were successful – the highest preliminary auction clearance rate recorded since the week ending 17th April 2022 (73.6%). Last week’s preliminary clearance rate was -3.0 percentage points lower at 68.2%, revising down to 66.8% at final figures. Over the same week last year, 1,452 auctions were held across the city, and a final clearance rate of 67.3% was reported.

Weekly clearance rate, combined capital cities

There were 787 homes taken to auction across Sydney this week, down from 859 last week and 999 this time last year. While auction volumes were down week-on-week, it was still the second busiest auction week so far this year. Of the 637 results collected so far, 72.1% were successful, up 30 basis points from last week’s preliminary clearance rate (71.8%), which revised down to 68.7% at final figures. We will likely see a similar final clearance rate again this week as remaining results are collected. This time last year, a clearance rate of 69.2% was recorded across Sydney.

Capital City Auction Statistics (Preliminary)

Adelaide recorded the highest preliminary clearance rate among the smaller capitals, with 80.8% of auctions reporting a successful result, followed by Brisbane (63.0%) and Canberra (51.9%). Adelaide was the busiest among the smaller capitals, with 119 homes auctioned across the city, followed by Brisbane (109) and Canberra (107). In Perth, seven results have been collected so far, none of which were successful, while the one home taken to auction in Tasmania was sold under the hammer.
Auction clearance rates through 2023 to-date have held substantially higher relative to late last year, accompanied by a flattening in the rate of decline in housing values in most cities.  Whether clearance rates can hold at these levels as interest rates rise further will provide a timely test of the markets depth of demand.

Capital City Auction Statistics (Preliminary)

Source Corelogic 2023

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