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The previous saw Australia’s capital cities record more auctions than the week prior, which included the Anzac Day long weekend. But an increase in volume did not necessarily result in an increase in clearance rates.
Despite almost 900 more homes going under the hammer over the weekend compared to the previous weekend, the preliminary clearance rate for the week ending 1 May, 67.2 per cent, is the lowest preliminary clearance rate reported for 2022, overtaking the 67.6 per cent recorded over the Anzac Day long weekend.
The weekend results indicate a significant drop in clearance rates from this time last year when the national rate was 77.6 per cent. The figures are representative of the decreasing clearance rates occurring across all capital cities for the past six months.
In Melbourne, 1,285 homes were taken to auction last week, 689 more than in the previous week, with 1,051 results collected thus far. Of the results, 68.4 per cent have been successful, a similar figure to the previous week’s preliminary clearance rate of 68.3 per cent.
Inner Melbourne reported the lowest preliminary clearance rate within the Victorian capital, with just 54.7 per cent of the 219 total properties selling, while a 78.8 per cent clearance rate means the Mornington Peninsula was the best-performing Melbourne subregion.
Meanwhile, Sydney – the capital with the second-highest number of auctions conducted last week – recorded a 62.3 per cent preliminary clearance rate from the 703 results collected through the week. It is predicted that for the third weekend in a row, the NSW capital will record a final clearance rate of below 60 per cent.
Parramatta was the city’s best-performing region, recording a 70.6 per cent preliminary clearance rate from the 68 total auctions conducted through the week, while the city’s eastern suburbs reported the lowest preliminary clearance rate of 51.4 per cent from 90 total auctions.
Among the rest of the capital cities, Adelaide recorded the highest preliminary clearance rate at 80.2 per cent from 156 total auctions. Canberra was the next best performer, registering a 69.5 per cent preliminary clearance rate from 142 total auctions, closely followed by Brisbane, with the Queensland capital recording a preliminary clearance rate of 69.3 per cent from 178 auctions.
Of the capital cities to record more than 10 results across the weekend, only Brisbane and Canberra saw more auctions take place last week than at the same time in 2021, with Brisbane the only capital city to report an improved preliminary clearance rate than at the same stage last year when the city recorded a 61.1 per cent clearance rate.
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