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Over 1,000 auctions held in both Melbourne and Sydney saw Australia host its biggest auction week of the year, according to CoreLogic.
Activity rose 16.6 per cent in the week ending April 2, 2023, leading the busiest Australian auction week since mid-December 2022 as 2,685 homes went under the hammer across the country. So far, 2,004 results have been collected, with 70.7 per cent returning a positive result, down on last week’s year-high preliminary clearance rate of 71 per cent, which revised to 66.7 per cent at final reporting.
The Victorian capital hosted more auctions than any other national market (1,118), as a result of a 4.5 per cent volume increase. At this point, 964 results have been collected with 71.2 per cent reporting a positive result, down 2.3 per cent a week earlier. Last week, Melbourne’s final clearance rate (69 per cent) was the strongest result in the city since the week ending 20 February 2022.
Melbourne’s south east, where 79.8 per cent of the 106 auctions returned a positive result, was the city’s strongest performing sub-region. Conversely, in the Mornington Peninsula, a preliminary clearance rate of 31.8 per cent from 29 total auctions saw the region ranked as the city’s poorest-performing sub-region.
In Sydney, 1,019 homes went to auction this week marking the capital’s busiest week since late-May 2022. A preliminary clearance rate of 73.3 per cent from 760 results has been reported so far, up 1.8 per cent on last week, which revised to 67.2 per cent at final figures.
The harbour city’s inner west recorded the strongest preliminary clearance rate — 92.3 per cent from 87 auctions — of any Sydney sub-region, while on the contrary, 63.6 per cent of the outer west and Blue Mountains’ 14 results returned a positive result, marking it as the city’s poorest-performing region.
Among the smaller capitals, Brisbane hosted the most auctions (177), followed by Adelaide (161), and Canberra (121). The South Australian capital returned the most positive results (71.6 per cent), followed by Brisbane (64.2 per cent), and Canberra’s 55.6 per cent.
In Perth, just six of the 11 results collected so far were successful, while one of the three auctions held in Tasmania this week were successful.
While the first weekend of April was a bumper one, auction volumes across the country are set to dip to below 700 in the week ahead due to the Easter long weekend.
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