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Auction clearance rates rise as activity drops

By Kyle Robbins
09 August 2022 | 11 minute read
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Last weekend was the quietest auction weekend since mid-June’s Queen’s birthday long weekend celebrations, according to the latest data from CoreLogic. 

Across the country, a total of 1,471 auctions were held over the week ending 7 August, a 23.1 per cent decrease from the 1,913 auctions held last week. So far, 1,169 results have been collected for a preliminary clearance rate of 59.5 per cent, up 70 basis points.

Melbourne remained the country’s busiest city, hosting 620 auctions, a significant drop from the previous week’s 809. However, despite falling activity, the Victorian capital’s preliminary clearance rate rose for the third consecutive week, up to 61.7 per cent — from 522 results.

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The city’s west, which returned a 50.7 per cent preliminary clearance rate from 82 auctions, was its worst-performing subregion, while the strongest-performing was the outer east, which saw 71.1 per cent of its 48 auctions return successful results.

In its quietest week since late January, 476 homes went under the hammer throughout Sydney last week. This represents both a decrease in the number of auctions conducted last week (624) and during the same week last year (564). 

For the first time since May, the city has returned a preliminary clearance rate above 60 per cent, with 60.6 per cent of the 381 results collected so far reported as successful. 

Last week was also the seventh consecutive week where Sydney’s withdrawal rate sat above 20 per cent (23.9 per cent). 

At 40 per cent, the Central Coast’s preliminary clearance rate — from 13 auctions — was the lowest recorded throughout the city. Conversely, Ryde’s 82.4 per cent preliminary clearance rate from 23 auctions made it Sydney’s strongest-performing subregion.

Activity decreased in each of the nation’s smaller capital cities this week. Brisbane hosted the most auctions this week (153), yet this wasn’t enough to stop preliminary clearance rates in the Queensland capital from dropping 30 basis points to 45.7 per cent.

Adelaide was the second-busiest of the smaller capitals, holding 146 auctions over the seven-day period. The South Australian capital also registered the highest preliminary clearance rate of any capital city this week at 65.6 per cent.

In Canberra, 67 homes went under the hammer, with just under half (49.1 per cent) of those returning a positive result so far.

So far, five of the nine auctions held in Perth have returned a result, with three reported as successful, while no auctions were held in Tasmania last week.

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