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Despite dropping clearance rates, auction activity continues to climb this year.
According to the CoreLogic Property Market Indicator Summary for the week ending 27 March 2022, this week has overtaken the week ending 20 March 2022 as the second busiest for 2022.
A total of 3,362 homes were taken to auction across Australia’s capital cities in the past week, with the research group considering it a sign of things to come as we approach Easter in mid-April.
While it recorded an 8.2 per cent climb from the previous week, it is a -12.4 per cent drop from the same period in 2021, although Easter came much earlier in 2021.
The increase in activity is not fuelling an increase in demand, with the combined capitals recording a preliminary clearance rate of 69.4 per cent – the lowest recorded rate this year and far lower than the 83.1 per cent clearance rate reported over the same period in 2021, which came off the back of that higher total auctions.
Melbourne once again came away with the largest number of auctions for the week, reporting 1,606 homes as going under the hammer. As well as marking the Victorian capital’s greatest number of auctions held over one week in 2022, it saw a slight bump in its preliminary clearance rate, which was up at 69.7 per cent.
Sydney also saw a busier week than last week – though not its busiest of the year, settling for second.
While 1,100 auctions took place in the harbour city, it did not translate to more success. CoreLogic is reporting a 68.1 per cent preliminary clearance rate – a drop of 1.6 per cent on the preliminary result from a week prior.
The smaller capital cities also saw a strong showing in auction activity over the seven-day period.
Activity was up 18.4 per cent across Adelaide, Brisbane, Canberra and Perth.
Both Adelaide and Brisbane recorded their busiest weeks so far in 2022, leading to clearance rates of 70.9 per cent and 73.3 per cent, respectively.
Canberra had a total of 162 homes go under the hammer and is also reporting a clearance rate that has scraped into the 70s – of 70.1 per cent.
Across in Perth, 16 auctions took place, with nine of them so far reporting success.
In Tasmania, just one auction took place, netting a positive result for its vendor.
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