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Combined capitals record the highest preliminary clearance rate in more than a year (75.1%)

Posted by Nathan McCullum on 08/05/2023
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Auction activity remained relatively steady this week, with 1,750 auctions held across the combined capitals.

The previous week saw 1,739 homes auctioned, while this time last year, 2,059 capital city auctions were held. Despite an unexpected cash rate rise from the RBA earlier this week, the combined capitals recorded the highest preliminary clearance rate since mid-February 2022 (75.7%), with 75.1% of the 1,305 results collected so far reporting a successful result. Last week’s preliminary clearance rate was 5.9 percentage points lower at 69.2% (revised to 66.2% at final figures), while this time last year, 61.8% of auctions held were successful.

Capital City Auction Statistics (Preliminary)

market clearance
Auction results

Melbourne hosted 732 auctions this week, five fewer than the 737 held last week. With 587 auction results collected so far, Melbourne’s preliminary clearance rate held above 70% for the fourth consecutive week, at 76.0%. Last week’s preliminary clearance rate (77.7%, revised to 71.8% at final figures) was 1.7 percentage points higher and was the highest preliminary clearance rate since mid-October 2021 (80.1%). This time last year, Melbourne hosted 905 auctions and reported a clearance rate of 59.8%.

Weekly clearance rate, combined capital cities

weekly clearance rate

There were 650 auctions held across Sydney this week, 14.0% higher than the 570 held last week but nine fewer than the 659 auctioned this week last year. Of the 650 results collected so far, 78.5% were successful, Sydney’s highest preliminary clearance rate since mid-February 2022 (79.6%). The uptick in the preliminary clearance rate was driven by a sharp reduction in the portion of properties passed in at auction, from 18.1% last week to 9.7% (the lowest rate since mid-October 2021 – 8.0%) while the withdrawal rate also fell (from 13.9% to 11.9%). The previous week’s preliminary clearance rate was 7.8 percentage points lower at 70.7%, revised to 68.0% at final figures, while this time last year, just 55.3% of auctions reported a successful result.

Capital City Auction Statistics (Preliminary)

stats

Across the smaller capital cities, Brisbane was the busiest auction market this week (129), followed closely by Adelaide (128) and Canberra (97). Adelaide has recorded the strongest preliminary clearance rate across the smaller capitals, with 72.1% of auctions reporting a successful result, followed by Brisbane (68.2%) and Canberra (66.2%). In Perth, two of the six results so far were successful, while the one auction held in Tasmania last week was unsuccessful.

Sub-region auction statistics (preliminary)

sub region stats

Source Corelogic

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