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It is just the third week since the end of June where volume has hit such levels, according to CoreLogic data.
According to the latest auction report, 2,155 homes were auctioned off over the week ending 23 October 2022. It represented a 23.8 per cent increase on the previous week yet still falls well short of the 3,019 recorded this time last year.
So far, 1,785 results have been collected thus far, with 62.7 per cent returning a successful result, up 1.3 percentage points from last week’s preliminary clearance rate of 61.4 per cent, which was then revised to 59.8 per cent at final figures.
Most of the auction action was concentrated in Melbourne this week, with the Victorian capital playing host to 1,141 auctions. It marks the city’s busiest week since 19 June, when there were 1,266 auctions.
With the city preparing for the illustrious Melbourne Cup carnival, which kicks off next weekend, 64.6 per cent of auctions returned a positive result, up 80 basis points from the preliminary clearance rate of 63.8 per cent recorded last week.
With last week’s final clearance rate resting at 60.1 per cent, it marked the seventh consecutive above 60 per cent, and CoreLogic expects this week to be no different.
The city’s inner south was Melbourne’s most successful subregion, having recorded a preliminary clearance rate of 75.5 per cent from 181 total auctions. The same cannot be said for the Mornington Peninsula, which mustered a 42.1 per cent preliminary clearance rate from 21 auctions.
Sydney finished the week having held 639 auctions, down 3.8 per cent on last week’s 664 and 34.4 per cent on the 974 hosted during the same period last year. Preliminary clearance rates in the harbour city went the opposite direction, rising slightly from 61.6 per cent to 61.7 per cent.
Sydney City and the inner south was its strongest-performing subregion, with 75.9 per cent of the 59 auctions returning a positive result. The Sutherland area was the worst performer, with a preliminary clearance rate of 40 per cent registered from 30 total auctions.
Across the rest of the capital cities, Brisbane’s 148 auctions saw it just edge out Adelaide (131) as the busiest of the smaller capital cities. However, the South Australian capital continued as the most successful of all the national capitals, recording a preliminary clearance rate of 75.3 per cent so far, with the Queensland capital seeing 48.6 per cent of its auctions return a positive result.
Canberra hosted 83 auctions this week, with 57.6 per cent recording a successful result. Perth held 12 auctions, with one of the eight results collected so far returning a positive result.
Just one auction took place in Tasmania.
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