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Auction activity rose for the second consecutive week as preliminary clearance rates hit a three-month high.
With 1,839 auctions held across the country over the week ending 21 August 2022, it represented a 14.2 per cent increase on the week prior’s count of 1,611 and a 4.3 per cent jump on the same period last year. So far, 1,399 results have been collected at a success rate of 62.6 per cent, the highest preliminary clearance rate in 12 weeks (61.5 per cent), according to the latest figures from CoreLogic.
Melbourne was once again the busiest national capital, recording a 23 per cent volume increase resulted in 787 auctions being held throughout the week. Despite this rise, the city’s preliminary clearance rate fell for the first time in five weeks to 64.9 per cent from 627 results collected so far; however, this figure is still above the 49.1 per cent recorded during the same period last year when the Victorian capital was gripped by its sixth lockdown.
The city’s outer east was its strongest subregion, reporting a preliminary clearance rate of 75.5 per cent from 65 auctions, while the Mornington Peninsula, with a 45.5 per cent success rate from 16 auctions, was its weakest.
Meanwhile, Sydney saw 654 homes go under the hammer last week, up both 6.3 per cent on last week and 27.2 per cent on this time last year. It represents the city’s busiest week in August so far. At 63.4 per cent from 519 results, this week’s preliminary clearance rate is the highest Sydney has reported since the 64.5 per cent registered last April.
In a worrying sign for the harbour city, withdrawal rates still sit above 20 per cent, etching to 21.2 per cent this week. Despite this, the city’s eastern suburbs returned a 75.4 per cent success rate from 79 auctions to finish the week as Sydney’s best-performing subregion, while the Ryde area, with a 44.1 per cent preliminary clearance rate, was the weakest.
Across the smaller capital cities, Adelaide finished as the most successful, registering a preliminary clearance rate of 68.1 per cent from 125 total auctions. Canberra was next best, with a 66.7 per cent success rate from 103 auctions — a 21.2 per cent increase on the previous week’s volume.
In Brisbane, activity rose 16.2 per cent, with 151 homes going under the hammer across the week. The higher level of activity didn’t make for a more enthusiastic buyer pool, with CoreLogic reporting a successful clearance rate of just 44.2 per cent.
In Perth, three of 14 auction results collected so far have been successful, while the same can be said for two of the three auctions in Tasmania.
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