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Melbourne’s drop in auction activity has seen the week-on-week auction volume across the national combined capitals decline.
Despite this fall, preliminary clearance rates across the country reported a slight increase, according to the latest findings from CoreLogic.
A total of 2,358 auctions were held throughout the course of the week ending 26 June 2022, down 6.7 per cent from the previous week, with 59.8 per cent of those returning a successful result, compared to 57.8 per cent the week prior.
A 22.3 per cent decline in volume did not prevent Melbourne from claiming the title as the nation’s busiest capital, with the city still playing host to 984 auctions.
All in all, 61 per cent of the 817 results collected so far have been positive, resulting in preliminary clearance rates rising above 60 per cent for the first time in four weeks.
Melbourne’s strongest-performing subregion for the week was the Mornington Peninsula, which saw 21 auctions held throughout the week for a preliminary clearance rate of 87.5 per cent. Meanwhile, the city’s west was its worst-performing, with 52 per cent of its 124 auctions returning a positive result.
Up in Sydney, the preliminary clearance rate rose for the first time in five weeks, up 50 basis points from 55.4 per cent to 55.9 per cent. CoreLogic has reported that 898 homes went under the hammer across the harbour city this week, up 13 per cent from last week. In spite of these positive results, the city did record its highest withdrawal rate since 26 April 2020 — at 28.6 per cent.
Sydney’s inner west was its best-performing subregion, reporting a preliminary clearance rate of 67.2 per cent from 82 auctions, as opposed to the Central Coast, its worst-performing region, where only 18.2 per cent of the 15 auctions returned a positive result.
Among the smaller capital cities, auction volumes remained consistent with the week ending 19 June. Adelaide was both the busiest and most successful of them all, registering a preliminary clearance rate of 68.8 per cent from 173 auctions. Brisbane was next best, hosting 161 auctions with a 65.4 per cent success rate.
The nation’s capital saw 121 homes go under the hammer throughout the week, with a preliminary clearance rate of 62 per cent. Over in Perth, half of the city’s 16 auctions have so far reported a positive result, while in Tasmania, neither of the two auctions held found buyers under the hammer.
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