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Both preliminary clearance rates and auction volume fell across the week, according to CoreLogic.
Across the country, 1,908 auctions were held in the week that was, down from 2,169 the week prior. This coincided with preliminary clearance rates dropping to 59.8 per cent, the first time since the end of August that they have returned a figure below 60 per cent.
Sydney was the busiest city this week, hosting 762 auctions — up from the 632 held the week prior. So far, 637 results have been collected at a 62.3 per cent success rate, representing a 70-basis point jump on the previous week’s 61.6 per cent — which revised down to 60.4 per cent.
Sydney’s city and inner south was the best performing sub-region as 72.1 per cent of its 70 auctions returned a positive result, while the outer west and Blue Mountains mustered a preliminary clearance rate of 28.6 per cent from 15 auctions.
As predicted, the race that stops the nation also halted Melbourne’s auction activity. The Melbourne Cup carnival, which began over the weekend, took over the Victorian capital resulting in just 582 homes going under the hammer, as opposed to the 1,163 the week prior. So far, 60.7 per cent of the 494 results collected have returned a positive result, a preliminary clearance rate drop of 3.9 percentage points from the week prior.
CoreLogic anticipates Melbourne’s final clearance rate will dip below 60 per cent for the first time since the week ending 28 August. The city’s outer east was its most successful sub-region, registering a preliminary clearance rate of 72.5 per cent from 50 auctions, while Melbourne’s inner south was the weakest market with 48.3 per cent of its 71 auctions returning a positive result.
Brisbane was the busiest of the smaller capital cities this week. The Queensland capital held 218 auctions over the course of the week, up slightly on the 216 from last week. So far, 45.7 per cent of these auctions have returned a positive result.
The national capital, Canberra, was the second busiest among the smaller capital cities this week, hosting 163 auctions, followed by the 154 seen in Adelaide. Both cities recorded a 59.8 per cent and 68.2 per cent preliminary clearance rate, respectively.
Last week saw 28 homes go under the hammer in Perth at a success rate of 38.5 per cent while just one auction took place in Tasmania.
Looking ahead, CoreLogic is expecting a slight week-on-week increase in auction activity for the first week of November, with 1,950 auctions already scheduled across Australia’s capital cities.
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