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Auction market activity isn’t the only thing cooling; preliminary clearance rates fell this week to the lowest recorded figure for the year so far.
It pushed the clearance rate even lower than the record set the previous week.
A total of 2,039 homes were taken to auction across Australia this past week, a decrease from the 2,699 homes auctioned in the previous week and the 3,016 homes from this time last year, according to the latest Property Market Indicator Summary from CoreLogic.
So far, 64.7 per cent of the 1,611 results collected have been successful, resulting in the lowest preliminary clearance rate recorded so far in 2022. In addition to the weekend reporting the lowest preliminary clearance rate for the year, CoreLogic also stated there is the possibility of final clearance rates dropping below 60 per cent for the first time since August 2021, when both Sydney and Melbourne were gripped by COVID-19 lockdowns.
Regarding Melbourne, the Victorian capital recorded a 64.6 per cent preliminary clearance rate from 895 homes auctioned off across the week, a drop from the previous week’s preliminary clearance rate of 68.4 per cent.
The city’s inner east performed the best throughout the week, with a 76.6 per cent preliminary clearance rate recorded from 103 total auctions. Conversely, only 56.6 per cent of the 83 auctions in the city’s north-west reported a successful result, meaning the region was the worst-performing area throughout Melbourne.
Meanwhile, in Sydney, auction numbers fell from 914 in the week ending 1 May to 654 across last week, with 58.7 per cent of auctions reporting a successful result. Excluding the week ending 23 January 2022, when only 100 homes were auctioned, last week’s results represent the worst results reported in the NSW capital since April 2020.
Across the Sydney sub-regions, the Central Coast reported the highest preliminary clearance rate, 70.6 per cent, from 20 total auctions throughout last week, closely followed by the city’s south-west, where 69.6 per cent of the 37 auctions recorded successful preliminary results.
The greater western Sydney suburb of Blacktown recorded the least successful figures across the capital, with 50 per cent of the area’s 23 auctions recording a successful preliminary result.
For the third week in a row, Adelaide recorded the highest preliminary clearance rate among all capital cities. The South Australian capital reported a preliminary auction clearance rate of 81.2 per cent from 204 auctions across the week. These results mean Adelaide was the only major capital city to record an increase in both the number of homes taken to auction and the preliminary clearance rate achieved from these auctions when compared to the same period last year.
Canberra was the next best-performing capital city, with 75 per cent of the 85 auctions conducted in the nation’s capital reported as successful.
This was followed by Brisbane, which achieved a preliminary clearance rate of 62.7 per cent from 185 auctions.
Rounding out the results, 12 auctions were held in Perth and four in Tasmania.
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