Auction activity continues to fall across the combined capital cities
- Written by Caitlin Fono, Research Analyst, CoreLogic
There were 1,864 homes taken to auction across the combined capital cities this week, down from 2,364 over the previous week and 2,168 this time last year. Of the 1,453 results collected so far, 55.0% were successful, the lowest preliminary clearance rate recorded since late April 2020.
Last week’s preliminary clearance rate of 59.8% was revised down to 56.8% at final figures, while this time last year, 72.1% of reported auctions were successful.
Melbourne hosted 628 auctions this week, compared the 1,000 that were held during the previous week and 1,073 this time last year. Of the 518 results collected so far, 56.8% have been successful, the lowest preliminary clearance rate since the week ending 19 September 2021 (56.4%). The previous week recorded a preliminary clearance rate of 61.0%, revising down to 59.0% at final figures. Over the same week last year, 73.1% of auctions were successful.
There were 766 auctions held in Sydney this week, compared to 890 over the previous week and 756 this time last year. Of the 629 results collected so far, 52.5% were successful, Sydney’s lowest preliminary clearance rate since April 2020. The previous week recorded a preliminary clearance rate of 55.9%, which revised down to 52.9% at final figures. Once the remaining results are collected, it is likely Sydney’s final clearance will slip below 50.0%.
Across the smaller capitals:
- Brisbane’s preliminary clearance rate of 43.8% is the lowest it has been since the week ending 8 November 2020 (36.4%)
- Canberra’s preliminary clearance rate of 51.2% is the lowest since the week ending 12 April 2020 (43.5%)
- Perth had a preliminary clearance rate of 50.0%
- Adelaide had 192 homes go to auction and recorded a preliminary clearance rate of 71.3%
- Tasmania had two auctions this week, none of which were successful
Auction activity for next week is forecast to fall further with around 1,700 properties currently scheduled to go under the hammer across the combined capital cities.