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The second weekend of April has surpassed every other auction period for 2022 to deliver a bumper week for agents, vendors and buyers alike.
A total of 3,983 homes were up for grabs under the hammer in the week ending Sunday, 10 April, according to CoreLogic, making it the busiest week for auctions this year.
With auction numbers up by 24.1 per cent compared to the previous week’s 3,209, it also marked the sixth-busiest week for auctions since CoreLogic commenced record keeping back in 2008.
Sydney, Melbourne, Adelaide and Canberra all recorded their busiest week of the year to date.
Perhaps unsurprisingly, the greater choice to consumers gave way to a slightly slower clearance rate, which currently sits at 68.7 per cent (preliminary), after it had temporarily risen back above 70 per cent just one week prior.
In Melbourne, a total of 1,750 homes went under the hammer, which surpassed the previous 2022 record of 1,626 auctions achieved in the week ending 27 March.
Compared to one week prior, Melbourne’s auction activity was up 16.8 per cent; as well as a whopping 65.3 per cent from the same time last year, when just 1,059 auctions took place amid COVID-19 constraints.
Of the 1,405 results collected so far, just 68.5 per cent have already found buyers, which is slightly higher than the 67 per cent final clearance rate reported last week, which had fallen from 69.1 per cent.
In Sydney, a total of 1,481 homes went to auction in the first full week of April.
While it was originally expected that this week would become Sydney’s fourth-busiest auction week on record, a spate of wile weather, which largely impacted the city’s west, saw approximately 70 auctions pushed back. Even so, Sydney still notched its sixth-busiest week on record.
All in all, activity was still strong – with auction activity up more than 30 per cent on the previous week. Despite the increase in vendor confidence, that didn’t translate into stronger success, recording a preliminary clearance rate of 65.1 per cent.
This is likely to drop further, considering last week’s preliminary clearance rate of 68.2 per cent, later revised down to 63.8 per cent at final figures.
Across the smaller capital cities, auction activity was also up by a similar proportion to that seen across Sydney and Melbourne.
Not only did Canberra and Adelaide record their busiest weeks of the year, but auction activity was up by a total of 31.5 per cent across all smaller markets.
In Adelaide, a total of 301 auctions gave agents a preliminary clearance rate of 82.6 per cent.
Canberra also made it above the 70 per cent clearance mark, recording a preliminary clearance rate of 73.4 per cent from a total of 202 auctions.
In Brisbane, 226 homes were up for grabs – the city’s second-busiest week of the year. According to preliminary figures, vendors saw a success rate of 69.8 per cent.
Elsewhere, Perth has seen six successful auctions from the nine results collected so far, while Tasmania is seeing a mini boom of success, with all four auctions held in the island state finding buyers on the day.
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