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Despite a preliminary clearance rate drop, spring has sprung as national auction volumes rise to a nine-week high.
Around the country, 2,018 homes went under the hammer, marking the first week the 2,000 mark has been surpassed in over two months. This represents consistent growth that has been occurring over the past four weeks, with this week’s volume a 10.8 per cent increase on the 1,816 auctions held last week.
However, these results weren’t enough to stir preliminary clearance rates to remain above 60 per cent for the third week running, with that number dipping down to a 59.1 per cent rate from 1,522 results so far. This is a 3.5 percentage point decrease from the previous week’s 62.6 per cent.
The NSW capital, Sydney, saw activity jolt up 23.8 per cent, culminating in 791 homes being auctioned across the city this past week. Of the 591 results collected around the harbour city thus far, 56.9 per cent have been successful, the lowest clearance rate recorded in three weeks after last week returned a rate of 63.4 per cent. Sydney also experienced its highest withdrawal rate in eight weeks at 25.4 per cent.
South-west Sydney was the best-performing subregion, collecting a 68.2 per cent success rate from 46 total auctions, while the Central Coast returned the lowest preliminary clearance rate, at just 33.3 per cent from 22 auctions.
Despite initial predictions that Sydney would be the nation’s busiest city, Melbourne’s 829 auctions saw it take back that crown. This volume level represents a 6.4 per cent increase on figures seen a week earlier; however, this growth couldn’t stop preliminary clearance rates falling nearly 4 per cent to 61.3 per cent, from 684 results collected.
The Victorian capital outer-east had the most successful week of any of its subregions, reigning in a 69.6 per cent preliminary clearance rate from 57 total auctions. Meanwhile, its inner subregion finished weakest, with just 48.2 per cent of 141 auctions returning a successful result.
Among the smaller capital cities, Brisbane held the most auctions (145) even with a 5.2 per cent decline in activity; however, it also returned the lowest success rate (41.6 per cent). The other capital to see a drop in volume was Canberra, with the national capital’s 13.7 per cent activity decline resulting in 88 auctions being held, with 62.7 per cent of these concluding with a successful result.
Adelaide was the nation’s best-performing city, ending the week with a 78 per cent preliminary clearance rate from 139 auctions — representing an activity jump of 12.1 per cent.
Perth saw volume climb by over 50 per cent, with 23 auctions held across the Western Australia capital — six of the 14 results collected so far have been successful. Tasmania held three auctions, with one of those returning a positive result.
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