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Nationally, auction activity decreased by just under 20 per cent due to what CoreLogic described as the “unofficial long weekend”.
Australia saw 1,432 homes go under the hammer in the week ending 23 April, according to data from CoreLogic, with ANZAC Day celebrations labelled as the primary driver of this downward trend.
So far, 1,131 results have been collected, with 69.8 per cent reporting a successful result as preliminary clearance rates hold steady with the previous week’s figure (69.8 per cent), which was revised to 68.1 per cent at final reporting.
Melbourne was the busiest capital city market this week, with 714 homes going to auction in the Victorian capital. With 510 results collected so far, the city has reported an 80-basis-point preliminary clearance rate drop to 71.6 per cent.
The city’s inner east, where 82.5 per cent of the 62 auctions returned a positive result, was Melbourne’s strongest-performing sub-region. Conversely, the Victorian capital’s west, which mustered a 60.3 per cent preliminary clearance rate from 92 auctions, was its poorest performing sub-region.
In the NSW capital, 576 homes went under the hammer, with 70.8 per cent of the 455 results reported so far returning a successful result. This represents a 1.2 per cent preliminary clearance rate drop from the previous week’s levels.
Sydney’s inner west, which saw 85.2 per cent of its 36 auctions end successfully, was its strongest-performing sub-region, while the Central Coast was the harbour city’s poorest-performing sub-region, reporting a preliminary clearance rate of 50 per cent from 14 auctions.
Brisbane was the busiest of the smaller capital cities as it hosted 95 auctions over the week, followed by Adelaide’s 69 and Canberra’s 64. However, it was the South Australian capital that experienced more successful results (85.7 per cent) than any other market, while Canberra and Brisbane registered preliminary clearance rates of 62.2 per cent and 53.2 per cent respectively.
In Perth, none of the seven scheduled auctions were successful, with six withdrawing prior to the auction date, while the three auctions pencilled in for Tasmania were all withdrawn prior to the auction date.
While last week’s activity decline was largely due to the presence of ANZAC Day, CoreLogic explained that it was also an early indicator of the seasonal trend towards an easing in auction activity following Easter.
Despite this, activity is expected to rise to 1,800, with 770 of those expected to be hosted in Melbourne. Week-on-week activity is also expected to double in both Brisbane and Adelaide.
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