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Auction activity of the combined capitals is on an upward trend, this time being led by the smaller capital cities Brisbane, Adelaide and Canberra.
According to CoreLogic’s Property Market Indicator Summary, for the week ending 6 February 2022, 1,786 homes went under the hammer – up from last week’s 1,166 auctions.
Of the results collected so far, 74.2 per cent were successful – slightly higher than last week’s final figure of 72.4 per cent.
The spike in auction activity is being led by the smaller cities, with Brisbane, Adelaide, and Canberra all posting auction volumes that are more than double what they were at this time last year.
Adelaide topped out with the highest preliminary clearance rate, posting a success rate of 89.8 per cent from the 127 results received so far. Canberra wasn’t far behind, posting a preliminary success rate of 84.7 per cent.
Brisbane’s auction market hit a hurdle – its preliminary clearance rate fell to its lowest level since January 2021. Despite an increase in auction activity and an impressive 80.1 per cent final clearance rate the week prior, Brisbane’s capital city’s clearance rate is currently sitting at 56.7 per cent, from 171 results posted so far.
CoreLogic’s Kaytlin Ezzy has partly attributed the poor clearance rate to a series of storms, stating that Brisbane experienced “its highest withdrawal rate since May 2020 with 24.6 per cent of this week’s scheduled auctions being withdrawn”.
Sydney was the busiest auction market, with 590 homes auctioned over the week, up from 331 homes the week prior – and a 32 per cent increase on the number of auctions that took place one year ago.
So far, 76.8 per cent of the 482 results collected were successful. This compares to a preliminary clearance rate of 70.5 per cent last week, which was reduced down to 66.3 per cent in final numbers.
Melbourne emerged as the second-busiest auction market, with 573 homes auctioned, up by 45.4 per cent from the previous week’s 394.
Chasing close to NSW’s capital’s numbers, Melbourne saw a 74.6 per cent success rate, up from last week’s final clearance rate of 67.5 per cent, which was revised from the preliminary clearance rate of 68.4 per cent. Over the same week in 2021, 76 per cent of Melbourne’s auctions found buyers.
Meanwhile, nine of the 27 auction results received thus far in Perth have been successful, whereas two results have been recorded in Tasmania, which did not translate to any successful result.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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