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Not since mid-April has Australia recorded as strong an auction weekend as last week, according to CoreLogic.
Nationally, 1,825 homes went under the hammer throughout the week ending 19 February, representing a 23.1 per cent increase on the previous week.
According to the research house, auction activity is still down approximately 1,000 on the activity seen across the same week last year.
Australia’s combined capital city clearance rate rose 5.6 per cent to 70.8 per cent from 1,447 results collected so far, the first time in nearly 12 months that the figure has risen above 70 per cent. Last week’s final clearance rate was 62.8 per cent.
Melbourne remained the busiest capital city market after a 40 per cent activity increase saw 790 auctions held across the Victorian capital, up from 564 last week. So far, 669 results have been collected, with 67.7 per cent returning a positive result, up 3.9 per cent on last week’s 63.8 per cent.
The city’s outer east was its strongest performing sub-region, collecting a preliminary clearance rate of 82.9 per cent from 47 total auctions, while the Mornington Peninsula was the poorest performer, with half the region’s 20 auctions ending in a successful result.
Activity in Sydney jumped 14.8 per cent last week, leading to 690 auctions being held across the harbour city. The city’s 78 per cent preliminary clearance rate is the highest reported since mid-February last year, with CoreLogic revealing this increase in successful results coincided with decreased withdrawal rates (10.6 per cent), while the portion of properties passed in at auction (11.4 per cent) was at its lowest since October 2021.
The city and inner south were the strongest performing sub-areas in the Harbour city, registering a preliminary clearance rate of 87.3 per cent from 70 auctions, while Sydney’s south-west’s 59.1 per cent success rate from 31 auctions marked it as the poorest performing sub-region.
Across the smaller capital cities, Brisbane was the busiest, hosting 124 auctions, followed by Adelaide’s 107 and Canberra’s 98. Despite a 2.5 per cent decrease, the South Australian capital still registered the highest preliminary clearance rate (68.7 per cent), followed by Canberra’s 65.6 per cent — a 5.6 per cent increase — and Brisbane’s 62.5 per cent.
In Perth, one of the four results collected so far was successful, while one of the two auctions held in Tasmania recorded a positive result.
This week’s results see clearance rates across the country hold substantially higher when compared to the end of 2022 when the weighted average across the combined capitals resided in the low-to-mid 50 per cent range.
CoreLogic is expecting activity to rise again this coming week, with 2,500 homes set to go under the hammer.
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