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Combined capital cities record the highest preliminary clearance rate since mid-April 2022

Posted by Nathan McCullum on 27/03/2023
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There were 2,292 homes taken to auction across the combined capital cities, overtaking last week (2,226) as the second busiest auction week so far this year.

This time last year saw significantly higher auction volumes (3,377). Of the 1,795 results collected so far, 71.0% were successful, the highest preliminary clearance rate recorded since mid-April 2022 (73.3%), and up 2.6 percentage points on last week’s preliminary clearance rate (68.4%). Last week’s final clearance rate revised down to 64.2% after holding above 65% for the past four weeks. Once remaining results are collected, it’s likely we will see the final clearance rate back up above 65% once again. This time last year, 66.8% of reported auctions were successful.

Capital City Auction Statistics (Preliminary)

Melbourne had its second busiest auction week of the year with 1,122 homes taken to auction across the city, up 7.2% on last week (1,047), although -31.0% lower than this time last year (1,626). Of the 916 results collected so far, 73.5% were successful, and like the combined capitals, this was the highest preliminary clearance rate since mid-April last year (73.6%). Last week’s preliminary clearance rate was -4.8 percentage points lower at 68.7%, revising down to 64.8% at final figures. This time last year, a clearance rate of 66.9% was recorded.

Weekly clearance rate, combined capital cities

Like Melbourne, Sydney had its second busiest auction week of the year, with 791 homes taken to auction across the city. Last week saw similar auction numbers (782), while this time last year was significantly busier (1,104). Of the 618 results collected so far, 71.5% were successful, down -2.0 percentage points on last week’s preliminary clearance rate of 73.5%, which revised down to 67.9% at final figures. Sydney’s final clearance rate has held around the high 60% mark for the past four weeks, and this looks set to continue as remaining results are collected. One year ago, 64.0% of reported auctions were successful.

Capital City Auction Statistics (Preliminary)

Across the smaller capitals, Brisbane held the most auctions (135), followed by Adelaide (131) and Canberra (91). All of the smaller capital cities saw an improvement on the preliminary clearance rate week-on-week with Adelaide recording the highest clearance rate so far (78.6%). Canberra’s preliminary clearance rate came in at 59.0%, while 56.0% of auctions reported in Brisbane so far this week have been successful. In Perth, just three of the 13 results collected so far were successful. Tasmania held four auctions this week, and the three results collected so far were unsuccessful.

Sub-region auction statistics (preliminary)

We are expecting to see over 2,750 homes taken to auction across the combined capital cities next week in the lead up to Easter, followed by the usual temporary drop in auction volumes over the Easter long weekend. If all of these auctions go ahead, it will be the busiest week for auctions since late-May last year (3,226).

Source Corelogic

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