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Combined clearance rate reduces for three weeks in a row but remains above 70%

Posted by Nathan McCullum on 24/07/2023
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Combined clearance rate reduces for three weeks in a row but remains above 70%.

Despite three weeks of decline, the preliminary clearance rate has continued to hold above 70% for the past 12 weeks. Last week, the final auction clearance rate came in at 66.8% across 1,539 auctions. Although auction activity is slowly starting to pick up across the capital cities, current volumes remain lower than this time last year when 1,812 auctions were held and a clearance rate of 51.9% was recorded.

Capital City Auction Statistics (Preliminary)

pulse-prelim-clearance-city-auction-24.07.23

There were 668 auctions held in Melbourne this week, continuing a four-week trend of increase in the number of homes going under the hammer. The preliminary clearance rate of 68.0% this week, from 535 results collected, was the lowest recorded since the Easter weekend. It is also the first time in 14 weeks the initial clearance rate was below 70%.

CoreLogic auction resultspulse-auction-results-24.07.23

Last week saw 650 homes go under the hammer, returning a final clearance rate of 68.8%. Over the same week last year, 710 auctions were held across Melbourne and a clearance rate of 52.0% was recorded.

Sydney was host to 699 auctions this week with preliminary results showing a clearance rate of 74.2% from 535 results collected, reducing only 70 basis points from last week preliminary result of 74.9%.

Weekly clearance rate, combined capital cities

pulse-weekly-clearance-rate-24.07.23

Last week, the final auction clearance rate for Sydney was 67.5% across 606 homes. This time last year 674 auctions were held and combined clearance rate of 50.8% was achieved.

Across the smaller auction markets, Brisbane hosted the largest number of auctions at 168, supported by a large in-room event on Saturday morning. Brisbane’s preliminary clearance rate rose 6.3 percentage points this week to 66.1%.

Capital City Auction Statistics (Preliminary)

pulse-weekend-clearance-rate-24.07.23

The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 99% of auction results each week.  Clearance rates are calculated across properties that have been taken to auction over the past week.

Adelaide was the next busiest capital with 115 auctions held, and recorded the strongest preliminary clearance rate among the capitals at 74.6%. Canberra was host to 67 auctions and recorded a 71.7% success rate. In Perth, 12 auctions were scheduled and four have so far been recorded as successful. There were no scheduled auctions in Tasmania this week.

Sub-region auction statistics (preliminary)

pulse-sub-region-auction-stats-24.07.23

CoreLogic, on average, collects 99% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.

Source Corelogic.

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