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For the third consecutive week, national auction levels rose across the combined capital cities.
There were 1,909 homes taken to auction this past week, a 5.4 per cent increase on the previous week’s 1,182 and up 8.4 per cent on this time last year. So far, 1,411 results have been collected, with 58.8 per cent of those coming back as positive. This represents a slight 2.8 per cent increase on the previous week’s rate, which revised down to the lowest final clearance rate since May 2020 — 51.9 per cent.
Melbourne was the nation’s busiest city, with the Victorian capital hosting 804 auctions in the week just gone, representing a 13.2 per cent increase in activity from the 710 auctions that took place the week prior. Of the 634 results collected to this point, 60.9 per cent have been successful, up 3.9 percentage points from the previous week’s results.
With a preliminary clearance rate of 73.1 per cent, the city’s inner east was its best-performing subregion. Just 54.3 per cent of the auctions in Melbourne’s inner area returned a positive result, making it the worst performer.
The NSW capital Sydney saw a 7.1 per cent decline in volume this week, culminating in 626 homes going under the hammer. Interestingly, this represents a 6.7 per cent drop on the same weekend last year, when the city was in the midst of a major COVID lockdown.
Presently, 466 results have been collected with a 55.6 per cent success rate, down on last week’s 56.6 per cent preliminary clearance rate, which ended up revising to 50.8 per cent. At 26.4 per cent, withdrawal rates in the harbour city remain high, over double the 11.7 per cent seen in Melbourne.
The Central Coast was the weakest-performing region for Sydney this week, registering a preliminary clearance rate of 23.5 per cent, whereas 70 per cent of auctions were successful in the Sutherland area, making it the most successful.
Looking to the smaller capital cities, Brisbane hosted 192 auctions for the week, but its clearance rate of just 46 per cent shows the Queensland capital is entering a new part of the market cycle.
It stands in stark contrast with Adelaide, which saw 170 auctions take place last week, up 25.9 per cent on the week prior.
It meant the South Australian capital recorded the highest preliminary clearance nationwide (79.6 per cent).
In Canberra, the nation’s capital, 96 homes went under the hammer during the week — a 3 per cent drop from the previous week.
Of those 96 auctions, 54.2 per cent have returned a positive result so far.
Perth saw a 25 per cent jump in volume, with 20 auctions occurring throughout the week and leading to preliminary reports of a 43.8 per cent clearance rate.
After two weeks with no activity, Tasmania held one auction last week, with a buyer found under the hammer.
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