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With a number of states celebrating long weekends, it’s no surprise that auction numbers were down for the week ending 13 March.
According to the latest figures from CoreLogic, just 2,090 homes were taken to auction over the seven-day period – a drop from the 2,979 recorded just one week earlier – and one that had been anticipated last week.
Even with fewer properties up for grabs, consumer sentiment appears to be cooling, with a preliminary clearance rate of 72.2 per cent.
According to CoreLogic research analyst Caitlin Fono, it’s possible that the final clearance rate could once again slip below 70 per cent, following the final clearance rate of 69.2 per cent achieved over the week ending 6 March.
Despite less activity, Ms Fono has noted that recent flooding events across NSW and Queensland have not dampened auction action across Sydney and Brisbane markets.
She flagged that the auction withdrawal rate had risen only moderately to 16 per cent in both cities – with clearance rates also holding “reasonably firm”.
In Sydney, 1,028 homes went under the hammer – a boost from the 999 properties up for auction a week earlier. At this stage, the city is reporting a preliminary clearance rate of 70.4 per cent, which will likely fall when final figures are revealed.
It’s a different auction environment compared with 12 months ago, when just 806 homes were available via auction – resulting in a much higher clearance rate of 84.3 per cent.
The Brisbane market also appears to have turned. Despite displaying the busiest auction market amongst the smaller capital cities, with 189 homes up for auction over the last week, just 68.1 per cent of vendors saw a successful result.
But it was Melbourne that saw the biggest change to its regular programming. The Labour Day long weekend meant just 606 homes went to auction over the week – over 50 per cent less than the week prior, when 1,462 homes were up for grabs.
At this stage, the city is reporting a preliminary clearance rate of 71.9 per cent from 516 results.
Canberra remains strong – reporting a preliminary auction clearance rate of 87.5 per cent off the back of 88 auctions, while 77.9 per cent of Adelaide properties up for grabs found buyers, off the back of 160 separate auction events.
In Perth, a total of 18 auctions took place, with the eight results reported so far all showcasing successful bids.
Just one auction took place in Tasmania, which was ultimately passed in.
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