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National auction levels rebounded strongly last week to report the busiest week of auction activity since the Easter long weekend.
A total of 3,229 homes went under the hammer across the nation’s capital cities in the week ending 29 May 2022, nearly double the 1,672 auctions held during election week. Across the country, preliminary clearance rates also rose, up from 62.9 per cent to 63.7 per cent, with the results representing the first time in five weeks that both volume and preliminary clearance rates have risen.
Across our major capital cities, a 105.1 per cent increase in activity meant that Melbourne played host to the largest number of auctions, with the 1,460 homes up for grabs across the Victorian capital. This also led to the preliminary clearance rate rising from 61.9 per cent to 62.9 per cent, with 1,220 results collected so far.
Melbourne’s best-performing region was its inner south, which has recorded a preliminary clearance rate of 70.2 per cent from 218 total auctions. Whereas a 51.7 per cent preliminary clearance rate in the city’s west, from 206 total auctions, made it the worst-performing subregion.
For the first time in seven weeks, Sydney held more than 1,000 auctions, with 1,119 taking place across the harbour city last week. This equates to more than double the number of homes that were up for grabs when compared to the previous week. For the third consecutive week, the city’s preliminary clearance rates continued to rise, up from 61.7 per cent to 62.8 per cent – from 869 results.
Parramatta, in Sydney’s west, was the strongest performer of all its subregions, reporting a preliminary clearance rate of 76.4 per cent from 77 total auctions. Conversely, the Central Coast subregion recorded the poorest results, with just 44.4 per cent of the 32 auctions held on the coast achieving a positive result.
Among the smaller capitals, Brisbane was the busiest market, seeing a 51.9 per cent increase in activity. Despite the strength in numbers, the river city saw a drop in preliminary clearance rates, down to 55.1 per cent for the week. In Adelaide, 224 auctions were held, with the South Australian capital seeing a preliminary clearance rate of 79.4 per cent, making it the only capital to better its rate from the same time last year.
A total of 149 homes went under the hammer in the nation’s capital last week, with a preliminary clearance rate of 73.5 per cent recorded. In Perth, eight of 15 auctions have collected a successful result so far, while neither of Hobart’s two auctions found success.
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