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A total of 103,898 capital city auctions took place in 2022, according to the latest figures from CoreLogic.
That figure is -14.9 per cent below the record 122,091 auctions that took place over the 12 months of 2021.
Even so, capital city auction activity is still 10.8 per cent above the annual average number of auctions held over the previous five years, CoreLogic flagged.
It comes off the back of a softening of capital city auction activity in the week ending 18 December 2022, which is attributable to the festive period seasonal slowdown.
A total of 2,307 homes were auctioned off over the penultimate week to Christmas, a drop of -15.1 per cent on the previous week (week ending 11 December).
From the results insofar collected, the combined capitals are reporting a preliminary clearance rate of just 55.8 per cent.
The volumes seen in 2022 present a different story to the same period in 2021, when a total of 4,783 homes went to auction — marking the second-busiest auction week since CoreLogic commenced record keeping.
Melbourne recorded its fifth consecutive week of auction activity above 1,000 — reporting 1,020 homes being taken to auction across the city.
It was a -16.8 per cent fall week-on-week, after recording 1,226 auctions seven days earlier.
So far, Melbourne is reporting a preliminary clearance rate of 57.8 per cent.
In Sydney, double-digit declines in activity were also seen. Just 799 homes went under the hammer in the week ending 18 December — a drop of -17.1 per cent from one week earlier, when 964 homes were available.
The harbourside city is reporting a preliminary clearance rate of 57.6 per cent.
Across the smaller capitals, Brisbane recorded the biggest week, with 185 homes up for grabs across the city. This higher volume may have had an impact on its clearance rate, which is its lowest of 2022 at just 34 per cent.
Adelaide’s volumes weren’t far behind Brisbane, recording 176 auctions, but achieving a preliminary clearance rate of 65.5 per cent.
Just 97 homes went under the hammer in Canberra, which achieved a preliminary clearance rate of 50.7 per cent.
Across in Perth, seven of the 18 results reported so far were successful for vendors, while only one result has been collected in Tasmania, which was unsuccessful.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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