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Auction levels across the country rose by nearly 84 per cent last week, according to CoreLogic.
Australia-wide, 1,306 homes went under the hammer, up 83.9 per cent on the previous week’s 710 but down 26.9 per cent on the 1,779 reported during the same week in 2022. So far, the nation’s preliminary clearance rate stands at 67.4 per cent from 938 collected results, a 50-basis-point decrease on the previous week’s figure, which was revised down to 61.8 per cent.
Sydney hosted more auctions than any other market this week, with the harbour city’s 420 representing a more than 100 per cent activity increase from last week’s 202. To this point, 70.6 per cent of the 330 results collected have returned a positive result, a 1 per cent decrease on last week’s preliminary clearance rate.
In Blacktown, 100 per cent of the 11 auctions cleared a positive result, marking it as Sydney’s strongest performing sub-region, while the city’s southwest’s 52.2 per cent clearance rate from 42 auctions ranked it as the worst performing region.
In Melbourne, 409 homes went under the hammer last week, up from 267 a week earlier. So far, 330 results have been collected, with 70.6 per cent of them successful. Like Sydney, this represented a 1 per cent preliminary clearance rate decline from last week, which was revised to 62.3 per cent at final reporting.
Brisbane hosted the most auctions of all smaller capital cities with 189, with a preliminary clearance rate of 51.9 per cent reported to this point. Canberra, where 71.6 per cent of the 142 auctions returned a positive result, held the second most, followed by Adelaide’s 131. The South Australian capital did boast the higher portion of successful results, with a preliminary clearance rate of 79.1 per cent.
Across Perth, 14 auctions were held this week, while just one occurred throughout Tasmania.
CoreLogic noted Australia’s auction markets look to have reset a little higher through 2023 so far, especially given final clearance rates concluded last year at approximately 50 per cent.
Despite a stronger start to the year, which includes last week’s final clearance rate (61.8 per cent), the highest recorded since last May, clearance rates remain below long-term averages, the research group acknowledged.
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